Corporate Status / Incorporation
When SwedelsonGottlieb engages a new client, we review the community association's corporate status. In doing so, we have found that not all community associations are aware of certain requirements to file a statement of information forms with the State of California.
In addition to the bi-annual requirement for filing forms SI-100 and SI-CID, any change in the board president and treasurer or agent of service requires an update to the statement of information with the Secretary of State.
Often during management transitions or changes in the board, these forms are not filed and the State loses contact information to notify the association of the required updates. Failure to file these forms results in penalties and a suspension of the association's corporate status, which has a large impact on the association board and members.
If your association has found itself in this predicament, SwedelsonGottlieb can provide counsel regarding reactivating the association's corporate status and resolving issues related to the suspended status.
Not all community associations are incorporated. However, since incorporation provides members with protection for their separate interests, unincorporated associations should consider the value of incorporation. SwedelsonGottlieb's transactional team prepares the necessary documents to incorporate and update governing documents to match the new corporate identity.
Unincorporated associations are required to file SI-CID with the Secretary of State bi-annually.