non profit residencial corp.

What is the name of your state? Califonia

A group of people formed a non-profit corporation to purchase a property and set up residency. Memberships were sold to residents in order to finance the purchase of the property; however, it was brought up years later that the corporation never had the licence to sell memberships to raise capital: What risk is the organization and its residence facing and what are the proper steps in fixing this?

[HomeGuru]

Sorry, I can't help you as your case involves many factors and requires too much research.