are condo associations nonprofit instate of california?

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are condo associations nonprofit instate of california?

2006-08-13 08:12:23 · 3 answers · asked by intouchnow 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

Yes. Luckily California is rather strict about the way associations operate due to the Davis-Sterling Act. You can review the Act at http://www.davis-stirling.com/ if you have more questions.

2006-08-13 10:58:17 · answer #1 · answered by misslabeled 7 · 0⤊ 0⤋

I think they are in all states. The unit owners collectively own the condo association. If they did make a profit, it would belong to the unit owners anyway.

2006-08-13 20:34:15 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋

in simple terms, Yes

2006-08-13 17:20:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋