Mobile Home Joint Venture - Posted by Jeffrey (VA)
Posted by Jeffrey (VA) on October 26, 1998 at 16:28:21:
This might be more for the accountant gurus, but I’m going to ask anyway. I am about to purchase a mobile home with another person in a 50-50 contribution deal. I am a corporation and the other half is an individual. I’m thinking this is going to be an accounting nightmare if we both hold a note for 3 years and or sell the note. Does anyone have any ideas how this is accomplished as far as “the books” are concerned? Is this considered a “joint venture” where a separate checking account in the name of the “joint venture” should be aquired?
I’m looking at this from the point of view of my corporation and the proper accounting procedures and distribution of the funds each month. The individual in this deal is understandably concerend with just getting a check each month. My corporation (Me) will be in charge of all the transcations, paperwork, and transfers of the mobile, because the individual who invested the other 50% is 3000 miles away. So am I pulling my hair out for no reason or is there an easy way to do this?