Collecting Rent Thru Personal Acct For My LLC

[Michael Glaser]

Situation: I have 4 properties under a commercial loan at a local bank in KC. I'm unable to have myself or anyone collect rent as I work abroad. I'm going to be instructing my tenants they'll need to deposit the rent into my account themselves each month. The commercial bank doesn't have branches near my 4 rentals. There's a BofA branch 5min away from these rentals for which I have a personal savings and checking account.

I could always open up a business account at BofA, but they probably charge fees, minimum balance requirement, etc, etc.

I'm wondering what the tax implications would be if I had my tenants deposit into my personal BofA checking account and then I'd wire the money to my business account at the other bank? Do they need to make the check out to my business or my name since I'm the managing member of the LLC?

[Jessica Zolotorofe]

NOOOO never. Please. Do not ever do that. You may as well have no LLC at all.