 Checking account (by Ken [TX]) Sep 14, 2011 12:04 PM
 Checking account (by in [IN]) Sep 14, 2011 12:11 PM
Checking account (by seth [MI]) Sep 14, 2011 12:13 PM
Checking account (by Ken [TX]) Sep 14, 2011 12:15 PM
Checking account (by p m h [TX]) Sep 14, 2011 2:40 PM
Checking account (by in [IN]) Sep 14, 2011 2:57 PM
Checking account (by ll [AZ]) Sep 14, 2011 3:14 PM
Checking account (by Reid [KS]) Sep 14, 2011 4:25 PM
Checking account (by in [IN]) Sep 14, 2011 4:50 PM
Checking account (by Ken [TX]) Posted on: Sep 14, 2011 12:04 PM
Message:
State Specific Question About: TEXAS (TX)
Foolish newbie question: I am in the process of buying my first rental. My plan is to set up a separate checking account for the rental in my name (property will be titled in my wife's and my name, but I will be managing and hence checks will be made out to me). Is this foolish for some reason? I didn't do an LLC. Thanks.
--208.124.xx.xxx |
Checking account (by in [IN]) Posted on: Sep 14, 2011 12:11 PM
Message:
If you have NEBS or any 3rd party print your checks you can even put Inc. or whatever you want on the checks... --67.175.xxx.xx |
Checking account (by seth [MI]) Posted on: Sep 14, 2011 12:13 PM
Message:
DBA, the Ramsey Way --12.139.xxx.xx |
Checking account (by Ken [TX]) Posted on: Sep 14, 2011 12:15 PM
Message:
I thought I read that presenting yourself like an incorporated business when you are only an individual was a no no. --208.124.xx.xxx |
Checking account (by p m h [TX]) Posted on: Sep 14, 2011 2:40 PM
Message:
just title the account "Rental Account"
--12.40.x.xxx |
Checking account (by in [IN]) Posted on: Sep 14, 2011 2:57 PM
Message:
It is for the bank, but a 3rd party will print it for you....In litigation you would need to disclose you were not incorporated.. --67.175.xxx.xx |
Checking account (by ll [AZ]) Posted on: Sep 14, 2011 3:14 PM
Message:
Just open a separate account in your name. Later when you have multiple units you can do a dba for the "Royal Arms" apts or whatever. You don't need a LLC.
Put your income into the account. Pay the bills from it. Move capital into it from your own account if needed. Easy to account.
Later when You are a big shot you can spend 1/2 your time doing accounting g between multiple banks, accounts, trusts And corp. All to save a few bucks on taxes which you can then spend on therapy. --76.170.xxx.xxx |
Checking account (by Reid [KS]) Posted on: Sep 14, 2011 4:25 PM
Message:
acct should be in both yours and your wife's name. by labeling my rental acct Household rather than Rental acct My bank made it a free over 55 acct. --108.73.xx.xxx |
Checking account (by in [IN]) Posted on: Sep 14, 2011 4:50 PM
Message:
My Business accont is Free with Chase, just keep 7500 in there...
They will even give you $250.00 to open a new account... --67.175.xxx.xx |
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