Who gets the check? - Posted by Rob FL


#1

Posted by Rob FL on December 10, 1998 at 22:31:06:

I manage my own properties. I am a realtor.

The trustee would sign the lease, but I don’t want to open up separate checking accounts for each property. I already have a personal account and a corporate account. I prefer to keep the accounting simple but am concerned about privacy and liability.


#2

Who gets the check? - Posted by Rob FL

Posted by Rob FL on December 10, 1998 at 20:05:18:

If a property is owned by a trust with a corporation as the beneficiary, who would tenants make the rent check out to? The trustee or the corporation? I realize that if they make it out to the corporation it will disclose who has the beneficial interest. If they make it out to the trustee, I may have trouble depositing it into the corporate account. What do you pros do?


#3

Thanks everyone. - Posted by Rob FL

Posted by Rob FL on December 12, 1998 at 20:03:20:

nt


#4

I like this subject… - Posted by Carol

Posted by Carol on December 11, 1998 at 19:07:01:

We are in the process of looking for a CPA who knows enough about (1) REI, (2) asset protection and (3)accounting to advise us on the same point.

My “gut” would like to have the properties managed under contract to the trusts … collect funds, disburse funds, and give a monthly or quarterly statement of account.

However, I am waiting for someone knowledgeable to either OK or shoot this down.

We are pretty much in the throes of all this, as we got busy acquairing property before learning how to protect them!

Looking forward to other comments!
Carol


#5

Re: Who gets the check? - Posted by Justin

Posted by Justin on December 11, 1998 at 18:58:12:

My first trust is me as 100% bennificiary, I opened acct in the name of the trust with me as only signor. Each deal I do with partners or otherwise names MY trust for my part of ownership in the new trust used to purchase the new deal. Then tenants, buyers, etc…are told to make check payable to MY first trust, which they never know I,m part of…simple. Justin


#6

Re: Who gets the check? - Posted by Jason-DTX

Posted by Jason-DTX on December 11, 1998 at 12:09:11:

Have the trustee sign a management agreement with your corporation and then you can represent your corp as the manager of the property and not the beneficiary. That way your corp can sign leases and collect checks. I don’t want my trustee doing anything other than signing papers. When you deal with Tenants represent yourself as a manager that works for the corp instead of an officer. They will never picture you as the “owner” just another property manager.
Jason


#7

Re: Who gets the check? - Posted by Dave T

Posted by Dave T on December 10, 1998 at 22:21:19:

Who signed the lease agreement as landlord or agent for the owner? This is the individual or business entity that receives the tenant’s rent check.

I have a professional management company collect all my rents, then do an electronic funds transfer to my personal checking acccount. Would a similar arrangement work for your situation??


#8

Re: Who gets the check? - Posted by Chris(FL)

Posted by Chris(FL) on December 10, 1998 at 21:29:20:

Could you set up another corp as a management company? Or set up a collection account with your lawyer?

Don’t know if this helps any, but there it is. :slight_smile:

Chris(FL)