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Updated about 5 years ago,

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Nate Baylor
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Tracking SFR income/expense - open a business account?

Nate Baylor
Posted

New investor, just collected my first rental check on a single family home in London Ontario. Looking to open a separate account to start tracking income and expenses, and was wondering if I should open a personal checking account, or register a business and open a business account. I am looking to scale and purchase more property in the future, but the home is under my name, so I'm not sure how a business account could reduce my liability or provide tax advantages. Picking a cool business name however, could stroke my ego a little. How would you structure this? Thanks for any insight you guys have!

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