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- Can an In-House Managing Agent in a small Co-op (who with spouse owns 60% of the Shares) vote to hire themselves for pay?
- Can this pay be in the form of a 50% maintenance reduction? If so, should this considered taxable income, and as such, a deduction on the Co-op's tax burden?
Myself and the other Shareholders believe this situation is a violation of the Business Judgement Rule and have voted to hire an independent Managing Agent. The current Managing Agent/Shareholder has sued us to block it. Our case is in Court now, and we suspect the outcome may be of interest to your readers.
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