Based on meeting comments
#11
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It's me...just researching over here. Is it possible that ROPA is already a corporation?
I ask because, I see that on January 1, 1986 Rochester Offshore Racing Group filed a d/b/a
Then on January 1, 1988 Rochester Offshore Powerboat Assn filed a Corp Name.
Does anybody have this paperwork??? This problem may already have been solved before, and we just didn't know it.
I ask because, I see that on January 1, 1986 Rochester Offshore Racing Group filed a d/b/a
Then on January 1, 1988 Rochester Offshore Powerboat Assn filed a Corp Name.
Does anybody have this paperwork??? This problem may already have been solved before, and we just didn't know it.
#12
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Yes, ROPA is has always been a Not For Profit Corporation filed with the State of New York. I apologize for the confusion if that was not made apparent. I'm not sure where all the original paperwork is. It may still be with Nuri Subuncu, who founded and incorporated the club. I'm not sure what that information will help with in the discussions we've had but if you have, or can get, any information on this form of corporation, we'd appreciate it.
By the way, you're very observant but I was not up at 2:46 am. And the time on this post will also look like something outrageous (I'm actually writing it at about 10:10pm). It seems Offshore Only is using something like GMT (Greenwich Mean Time), whatever the hell that is!
Come to think of it, I probably shouldn't have explained this. To have everyone think that I am up working on ROPA at 2:46am shows incredible dedication, don't it!
Yeah, that's the ticket. I never sleep when there are ROPA issues. Yeah, and my wife stays up to help too. You know, my wife Morgan Fairchild!
Bill
By the way, you're very observant but I was not up at 2:46 am. And the time on this post will also look like something outrageous (I'm actually writing it at about 10:10pm). It seems Offshore Only is using something like GMT (Greenwich Mean Time), whatever the hell that is!
Come to think of it, I probably shouldn't have explained this. To have everyone think that I am up working on ROPA at 2:46am shows incredible dedication, don't it!
Yeah, that's the ticket. I never sleep when there are ROPA issues. Yeah, and my wife stays up to help too. You know, my wife Morgan Fairchild!
Bill
#13
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If that's the case, the problem may have been solved back in 1988 (good job guys!!!).
TIME LAPSE...(doing more web surfing)
Well, with a little more digging...look what I found on the Dept of State home page...the information I couldn't get off the Monroe County Clerk's website (I was hoping there was an Inc. at the end!)
Current Entity Name: ROCHESTER OFFSHORE POWERBOAT ASSOCIATION, INC.
Initial DOS Filing Date: 02/19/1988
County: MONROE
Jurisdiction: NEW YORK
Entity Type: DOMESTIC NOT-FOR-PROFIT CORPORATION
Current Entity Status: ACTIVE
Here's some info I found...
CORPORATION
This is the most complex and expensive way to structure a business, but it also offers important protections for the owners. A corporation is a legal entity distinct from its owners. This ensures continuity and protects the assets of the owners (i.e. the shareholders) from the liabilities and debts of the corporation.
Except where shareholders are professionals who are always responsible for their own negligence [here I'm going to throw in examples of lawyers, construction and accountants, etc.], the liability of corporate shareholders is limited to the amount of their investment.
A corporation has advantages in raising capital because of greater access to investors. [not applicable here]
Ownership is transferable and inheritable — the corporation doesn't fold if its owners change or die.
The key words above are "A corporation is a legal entity distinct from its owners. This ensures continuity and protects the assets of the owners"
So, professional gross negligence aside...in the event something were to happen, the officer's personal assets are safe. And I think that is what some people were worried about.
Yippee!!!
TIME LAPSE...(doing more web surfing)
Well, with a little more digging...look what I found on the Dept of State home page...the information I couldn't get off the Monroe County Clerk's website (I was hoping there was an Inc. at the end!)
Current Entity Name: ROCHESTER OFFSHORE POWERBOAT ASSOCIATION, INC.
Initial DOS Filing Date: 02/19/1988
County: MONROE
Jurisdiction: NEW YORK
Entity Type: DOMESTIC NOT-FOR-PROFIT CORPORATION
Current Entity Status: ACTIVE
Here's some info I found...
CORPORATION
This is the most complex and expensive way to structure a business, but it also offers important protections for the owners. A corporation is a legal entity distinct from its owners. This ensures continuity and protects the assets of the owners (i.e. the shareholders) from the liabilities and debts of the corporation.
Except where shareholders are professionals who are always responsible for their own negligence [here I'm going to throw in examples of lawyers, construction and accountants, etc.], the liability of corporate shareholders is limited to the amount of their investment.
A corporation has advantages in raising capital because of greater access to investors. [not applicable here]
Ownership is transferable and inheritable — the corporation doesn't fold if its owners change or die.
The key words above are "A corporation is a legal entity distinct from its owners. This ensures continuity and protects the assets of the owners"
So, professional gross negligence aside...in the event something were to happen, the officer's personal assets are safe. And I think that is what some people were worried about.
Yippee!!!
#15
Bonnie,
Wow, you do a great job on researching! Thanks for all your hard work. The next board meeting date is January 27th. It's at Tom and Sandy's house at 7 pm. Hope to see you and Johnny Bravo there.
Colleen
Wow, you do a great job on researching! Thanks for all your hard work. The next board meeting date is January 27th. It's at Tom and Sandy's house at 7 pm. Hope to see you and Johnny Bravo there.
Colleen
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