Starting Rosca In Texas

Summary

Texas law permits informal savings and loan associations like ROSCAs if they remain small, private, and transparent. Avoid public advertising to prevent being classified as a financial institution. Draft clear agreements, maintain records, and consult a lawyer for compliance with Texas laws.

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houston
Great, Houston is a good place to start! Here are a few additional points to consider for your ROSCA:
- Draft a clear written agreement: Outline the terms, roles, and responsibilities of all members.
- Record-keeping: Maintain accurate records of contributions and distributions.
- Legal advice: Consult a lawyer to ensure compliance with Texas laws and to draft your agreement.
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