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The BAB is incorporated

May 17, 2019
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As this big project slowly moves toward progress, things are looking up for the next round of construction. We have a serious lender that is starting the process of creating a construction loan. The loan won’t be a traditional home mortgage, though. The home lending world is highly regulated and the BAB doesn’t fit into those parameters. This will be a business loan. So, to get a business loan, it helps to be a business. There are a few steps to make that happen. Step one: Incorporate. That happened today!

LLC

The BAB is now 822 Wilmington LLC. Not funnest of names we considered, first being Big Ass Building LLC, of course! We were convinced by both lawyers and bankers to keep it simple and low key. So, you can official search the state register of corporations and there we are!

Next, we registered for a Federal Tax ID for our corporation, so we have that too. We still need to create our Articles of Incorporation. We’re getting help with that- should be pulled together next week. We are having our first official board meeting tomorrow evening over some yummy grilled grub and a few beverages. Tom is in charge of the gavel.

The LLC won’t own the BAB but will handle the finances from the bank. Because the tax-credits are all in our name, we will remain the official owners of the BAB.  We don’t want to go back and have to recreate all of that, especially since the state rolled back funding for the program recently. We’re hoping that having the LLC will make a few other things easier for us, like getting this place long term insurance.

Off we go…like a herd of turtles!

8 Comments leave one →
  1. Nancy Nafe permalink
    May 20, 2019 8:18 pm

    Congratulations!

  2. Stephen Scurletis permalink
    May 20, 2019 4:13 pm

    Congratulations!!!!

  3. Jonathan Wallace permalink
    May 18, 2019 8:08 am

    Congratulations…but shouldn’t it have been BAB, llc?

    Hope all is well…come on up and visit us sometime. Sent from my mobile phone. Please pardon my brevity and typos.

    • Sue permalink*
      May 18, 2019 10:39 am

      BAB was taken, unfortunately. Thanks Jon!

  4. Mark Schactman permalink
    May 17, 2019 10:20 pm

    …Like a ‘bale’ of turtles. Congrats and good luck.

  5. MaryJo Gordon permalink
    May 17, 2019 8:33 pm

    Congratulations!
    If you need a bored of directors, Steve and I are in!
    Mjo

  6. Darcy Peterson permalink
    May 17, 2019 6:35 pm

    Baby steps often lead to BIGASS things! 🙂 Congratulations!! Very, very excited for you!!

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