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Updated almost 2 years ago,
LLC Property and a Property Manager walk in to a CPA Office
Sorry, I couldn't think of a better title >_<
So, here's the question: If you have own a property which you moved into an LLC AND you have a property manager, managing said property, how should payment of his services work?
So, before our home was in an LLC, all rent went to the property manager, he sent it to us and removed his fee from it and any additional items (lawn care costs, HVAC repairman, etc...)
Now that it's in an LLC, does the rent he collects need to come to us completely first and we pay him for his services from our bank account?
To me, its an accounting question and I'm not sure if legally it all needs to come into our account and then be paid back out or not.
Can someone give me an education on this please.
Thanks,
Chris