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Updated almost 4 years ago on . Most recent reply

Dexter Cox's profile image
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Dexter Cox
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Dexter Cox's profile image
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Dexter Cox
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Dexter Cox
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16
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General Landlording & Rental Properties

Is it necessary to have a separate account for security deposits?

Dexter Cox
Posted

I established a llc and opened a checking account in the llc. My accountant ask if I had another account for security deposits. Is this a requirement.

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    Scott M.'s profile image
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    Scott M.
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    • from Rochester Hills, MI
    • Member since Jun 9, 2009
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    Scott M.
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    Scott M.
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    Scott M.
    • Real Estate Broker
    • Rochester Hills, MI
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    Legally speaking this varies by state.  What sate is your property in?  No matter what state you are in it is a solid idea.  You may also want to google/bing landlord/tennat laws in X state or at the very least SD laws in X state.  Might be other valuable pieces of info waiting for you : ) 

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