Management Company vs Residents Assoc for 10 houses

[zippitydooda]

Hi everyone,

Our estate has 10 houses in total. Each house has a 10% share in the management company - which to my mind effectively makes it a residents association - except with legal status and filings etc.

Can anyone summarise the differences for me?

Also - as a mgmt company or a res assoc - do you have to pay VAT on all the services and bills you pay out?

Thanks- we're in the middle of an extremly complicated handover with the bank that repossessed our houses from the builder and trying to get everything finished off before we take over the management company - it'll be a long process!

Z

 

[Yorrick]

No you are not a residents assocaition. You are a Limited Company which should be registered with the Companies Registration Office. This will mean that you have a lot of responsibilities under the Comapnies Acts including nomination of Directors, Filing of financial returns, payment of insurance and other bills.
Make sure everything is right or you could be in serious trouble.