Deposit money has to put on special deposit account?

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Deposit money has to put on special deposit account?

Liz C.
Property Manager · New York, NY · Member since 2016 · 388 posts · 90 votes
Hi everyone , I am just curious to know the deposit money can I just to an LLC business account . Or has to put a separate account that's for deposit only? Do we have to make things so complicated ? Thanks
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  • Jennifer Jacobs
    Real Estate Agent · Villa Rica, GA · Member since 2017 · 38 posts · 28 votes
    9y
    You'd have to check your local laws on this. In georgia, you are allowed to have it in a "shared" account up to a few properties, but I am also a Realtor so all my rental money has to be in a separate "escrow" account.
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  • Deanna McCormick
    Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    for large rental properties it's more of a concern.. otherwise I just make sure to always have sufficient funds in savings to cover my sec deposits.. 

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  • Liz C.
    OP
    Property Manager · New York, NY · Member since 2016 · 388 posts · 90 votes
    9y
    Thank you all for your replies. I will find out From local attorney. Thanks
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