2007-02-12 ASSOCIATIONS -- TIME TO REVIEW TAX FILING OPTIONSAfter the mild end of 2006, a new winter is finally upon us. Along with the realities of cold and snow, we are once again reminded of one of life's oldest realities, the annual ritual of income taxes. If you have not done so already, many of you will begin gathering and sorting through documents, reviewing your personal financial records for 2006, and starting the task of filling out and filing your personal income tax returns. As for many individuals, this is also a new income tax...
2005-06-25 TRANSITION OF DEVELOPER CONTROL: WHAT SHOULD THE DECLARANT TURN OVER?
Due to the aging baby boom population and substantial increases in land costs, builders and developers have been increasingly constructing substantial numbers of common interest communities throughout the state of Minnesota. Condominium and townhouse style projects have become increasingly popular. As a result, the demand for these types of developments is far outpacing traditional single family homes. We are frequently asked what a developer or builder is required to provide to the unit owners when...
2005-02-11 LEGISLATURE TO CONSIDER PROPOSED AMENDMENTS TO MCIOAThe Council of the Real Property Law section of the Minnesota State Bar Association appointed a committee composed of attorneys to review the Minnesota Common Interest Ownership Act (“MCIOA”) for potential updating. Over the past two years, the Committee has worked to create an agreed upon amendment. The proposed amendment had been completed and approved by the Council. The proposed amendment is not a complete overhaul of MCIOA, but rather a “tune-up,” with an emphasis on selective...
2004-01-23 DID YOUR ASSOCIATION FILE ITS ANNUAL REGISTRATION?
Pursuant to Minnesota law, corporations failing to file three successive annual registration forms may be dissolved by the Minnesota Secretary of State's Office. Corporations failing to file annual registration forms may lose their good standing status. To determine whether your association has been dissolved or is not in good standing, please contact the Minnesota Secretary of State. Names of dissolved corporations appear on the official web site of the Minnesota Secretary of State. Our law firm...
2004-01-23 COMPENSATION OF COMMUNITY ASSOCIATION DIRECTORS: PRACTICAL AND LEGAL ISSUES
Recent corporate accounting scandals involving large public corporations have shocked the nation. As a result of these scandals, citizens have questioned the roles of corporate board members, officers and directors. Although this article is not about public corporation directors, there are many lessons to be learned from some of the issues that have arisen in the wake of major corporate scandals. This article examines one specific issue, the compensation of community association directors. As legal...
2003-06-11 Legal Guidelines Concerning Association Books and Records
Minnesota laws impose certain specific legal requirements governing Association books and records. These laws dictate what records should be maintained, how long the records should be retained and who is entitled to access the Association’s books and records. The Minnesota Non Profit Corporation Act, Minnesota Statutes Chapter 317A, provides specific guidelines of what records are to be maintained, how long such records should be retained and who is entitled to access such records. The...
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