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Updated 6 months ago,
Question about security deposit and business account
My tenant will be transferring security deposit into my business account. Are there any restrictions on whether I can use it for other expenses or should they stay in that account? Below are the laws from my state regarding security deposit:
https://revisor.mo.gov/main/OneSection.aspx?section=535.300
1. Can I move security deposit into a brokerage account or should it stay in the original business account?
2. If it needs to stay in the original account, can I use it to pay for other expenses?
3. Can I move rental income into a brokerage account?
Thank you!