I'm a board president of small condo unit in Queens. We recently got rid of developer who was managing building for last 4 years and pocketing maintenance fees.
When we tried to hire new accountant for the building, he suggested that company that developer registered is "For Profit Company" and that we need to setup new "Not for Profit" homeowners association.
I'm wondering whats the connection between building and homeowners association. Buildings in general are registered at attorney generals office, is homeowners association registered same time , can it be changed later?
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