Venmo, Paypal, etc. with an LLC

[Chuck H.]

For those who use Venmo, Paypal, etc. to collect rent, how do you handle it with your LLC structure? My Venmo and Paypal accounts are my personal account. I receive the rent then immediately transfer it to my LLC's business checking account. I'm afraid this way of doing it will allow an opportunity to pierce the veil.

[Matt Nico]

Chuck,

I'm not sure what you mean exactly by "Pierce the veil". Can you elaborate?

I used to use venmo for collecting all rents, but I stopped a while ago. The reason is its hard to set a "due date" there, and you cant add in a late fee as easily. I switched to Cozy. Its free and easy, and I have it set up where hey pay rent on there, and then it deposits into my business checking for me. I'd go with a software online.