If the rental property is under my name, can I collect rent under the LLC business account?

[Eve W.]

The deed is under my own name since I am personally liable for the loan.

Can I have my tenant make the rent payment into my LLC business account? thanks

[Bill Gulley]

I caught some flak yesterday about not being positive with new folks, so here is my positive spin.

Sure, you can do all of that!

Now, I'll work my way from the bottom up;

Rob, You can do that, so long as your state real estate commission allows it, if your LLC is a seperate entity from you then your company doesn't own the property. For a company to have a property management agreement to manage properties for others, a real estate license can be required. See response to Eve.

Pat, I was about to vote you up on that until I read about the equity stripping ploy, bogus notes will be shot through like Grant going through Richmond.

Eve, title is not in the LLC name and it has no rights to lease property it has no interest in, your lease is invalid. Lease the proprty to the LLC and then do a sandwich lease, having the LLC sub-let the property.

Michael, yes, you can deposit checks in your name since the bank accepts the deposit, the bank is not responsible for you to do anything correctly. Comingling funds goes in both directions, depositing personal money in the LLC as income can also bring questions of why income from a personally held property is being washed through a company, money laundering for any tax advantage, is that the reason? Or, is it being wash through to show income to an LLC that is personal income for financing purposes?
Again, use a lease to the company and sub-let, if checks are made out in your name, use an endorsement on the back of the check: Pay to the order of XYZ, LLC., then endorse the check by the LLC and deposit it.

Will, good point, the liability goes to the one in title. If the company provides some service or function that causes an issue, both the company and individual are at risk. The company is still at risk by holding property in your name as you are liable and the company is your personal asset since you own it.

Dawn, you're in the same boat, sub-let the property.

Wheeew, I'd say I got thrung that on a more positive note... (LOL) :)