All Forum Posts by: Anthony Freeman

@Anthony Freeman Your accountant will prepare what is know as a Form K-1 that wil be issued to each member of an LLC. That will list their share of income and depreciation.

Different company structures will use different forms and notices but your accountant is the one who should prepare them. Depreciation can get quite compex and when you add some type of joint venture with other people, this is not a do it iyourself situation. That waht accountants and CPAs are 

We do it all the time. We simply get "meeting minutes" showing that we are authorized to do the transaction. It's really quite simple. 

@Anthony Freeman That seems like a pretty high late fee. What price range were the rental units that had a late for af $100?

One hundred dollars late fee for $2500 rent may be reasonable but $100 for a $750 rent seems high. You have to weigh in part what the tenant can actually afford and what the market allows. Charging a $100 late fee that you never collect doesn't do you much good. 

I would be interested in what other say. Maybe I should be raising my late fees. 

The fact it is three units is irrelavant. The question is what is an appropriate late fee. That will depnd on your maket and waht the law allows. There may be legal limits to late fees in your state.  I believe 5% is common. I would thik $25 -40 woud be appropriate for that amount of rent. 

@Anthony Freeman

I have done this many times as wanted to finalize it with partners of course before moving forward