Hello.. I am new to the landlord scene and understand that it is critical to have a seperate checking and saving account to prevent mixing of rental business with personal finances. For opening a checking account what is ideal for the name of the account? Should I just use my first and last name or a combination of first and last name with the rental properties address. I do not have an LLC in my name. Thanks.
2007-05-20 13:15:55 · 3 answers · asked by Johnny H 1 in Business & Finance ➔ Renting & Real Estate
I use the same names as on our personal checking account, simply adding the subtitle "Rental Property Account" under our names.
Unless you have a LLC, the naming convention on the account is of little concern.
2007-05-20 13:19:30 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
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2016-07-18 18:12:42 · answer #2 · answered by ? 3 · 0⤊ 0⤋
With or without the separate name...just use the address for the account name. When I did it, I spelled it out. So if the address was 123 Smith, the account name was OneHundred and Twenty Three. I also got a tax ID# from the feds just to keep it straight.
That way, the money stays in the same pocket
2007-05-20 14:13:52 · answer #3 · answered by ca_surveyor 7 · 0⤊ 0⤋