Starting a company isn’t the only reason to form an LLC. A New Jersey church recently used abusiness incorporation to help fund the installation of solar panels on its roof, the Medford Central Record reports.
After becoming interested in the idea, officials at St. Peter’s Episcopal Church got in touch with a parishioner who is also a contractor. To create the system, the two formed a for-profit LLCcalled Hartford Power Associates.
The contractor funded the project, but the church will eventually pay him back over time and take ownership of the system. Because the structure of an LLC allows the participants to be very flexible with their organizations, it was the ideal formation for the situation.
“We’ll own the system about eight years down the road,” said Muller. “But we wont be paying for the electricity. That will free up money that can be used for other things.”
The project will have a significant impact on the church’s long-term finances. The solar panels will allow the church to generate more than 75 percent of the electricity it uses annually.
Latest posts by Incfile Team (see all)
- We Have 7 Panic-Free Ways To Deal with Tricky Clients - April 28, 2017
- How to Start a Business as a Senior to Make Retirement Income - April 4, 2017
- The Advantages of Forming an S Corporation - January 10, 2017