The Growth of Home-Based Businesses is forcing Many Condos to Update Their Bylaws
As the lingering effects of the “Great Recession” continue to influence the lives of countless average Americans, more and more displaced workers are turning to home-based businesses (HBBs) in an attempt to reverse sagging fortunes.
And as U.S. Small Business Admin-istration statistics indicate, over half of all small businesses begun in the last decade have been home-based – more than 24 million in real numbers – with a new home-based business being launched every 11 seconds.
They’re facts that should not be lost on many condo board members, some of which still preside over properties with express prohibitions against such activities. But should associationsmove to amend their governing guidelines, often requiring an amendment to the property’s declaration or master deed, to eliminate these provisions? Yes, say experts in both business and legal fields.