Who owns and controls a co-op?

Most simply put, a cooperative is a business 1) voluntarily owned by the people who use it, and 2) operated for the benefit of its members. Regardless of the goods and services provided, co-ops aim to meet their member’s needs.

Is a coop a legal entity?

Cooperatives as legal entities A cooperative is a legal entity owned and democratically controlled by its members. Cooperatives may take the form of companies limited by shares or by guarantee, partnerships or unincorporated associations.

How many owners can a cooperative have?

A company can incorporate, forming a corporation that is owned by fewer than 100 people (an S-corp) or hundreds or even thousands of people (a C-corp). When a company is owned and operated by the people who use its products and services and who benefit from what the company has to offer, it’s known as a cooperative.

Can a coop be a corporation?

A cooperative, or a co-op, is another type of business entity. Although people often describe a co-op as being distinct from a corporation, in reality, a co-op is a type of corporation. What sets a cooperative apart from other types of corporations is who the owners of the company are.

Who is the owner of a co-op apartment?

Closed on all national holidays. Co-ops, Condos, & Lofts. If you live in a cooperative (also known as “co-op”) apartment, you are the owner (shareholder) and a tenant at the same time. You own shares in the corporation which owns the building, but you are also a tenant who rents an apartment from the corporation.

What are the legal rights of a co-op owner?

Owners’ legal relationship with their housing co-op is bound in large part by two key co-op legal documents: the by-laws and proprietary lease. Understanding the relationship and these documents can help you negotiate decisions that benefit you personally and your investment in the co-op.

Can a co-op shareholder be an owner of a condo?

While different laws may apply to owners of a condominium unit, shareholders in a cooperative or owners in an HOA, in all cases it is important to understand your rights and responsibilities as an owner or shareholder. Condos, co-ops and HOAs have different governing documents.

Can a co-op owner have more than one roommate?

Like so many things, the answer to this all comes down to money. Under what’s commonly referred to in NYC as the “Roommate Law”, you are allowed as a co-op owner one additional occupant in addition to immediate family, as long as you are currently living in the unit at the same time.

What are the rules for co-op apartments in NYC?

Co op rules and regulations in NYC can be extremely onerous for residents. Since owners of co-op apartments are technically tenants vs owners of real property, the board of the co-op corporation which actually owns the building has enormous power over the residents.