I'm considering the use of my Company Name (LLC Name) on my Lease Agreements (as opposed to my Personal Name). I think this will imply more formality. For example, I just denied a Rental Application (due to Accounts in Collections and Criminal Activity). The Applicant is trying to contact me to explain his case (justify the negative information). I replied by stating that my company has strict guidelines for accepting Rental Applications. My theory is that Tenants, and in this case, Potential Tenants, will consider policies (and guidelines) more formal, if they are dealing with a company (as opposed to an individual).
I would really appreciate some advice on the pros / cons of using my Company Name (LLC Name) on future Lease Agreements (and related documents).
Thank you for your time!!
If your rental is in your company name that is what you need to used on all lease agreements. Did you tell them why you denied the Rental Application
I think company name is the way to go. That way when you deny an odd request or charge a late fee you dont have to be the "bad" guy,
Definitely use the company name. When I used to rent my property under my personal name, people were way more demanding about things. Once everything was under my company name, very few problems after that. It's a lot easier to say it's company policy.
@Adrian M if the property is owned by your company you should legally have the lease in your company name. Usually the main point in forming a company is to take advantage of the limited liability laws. If you do not follow a fairly strict separation of company from personal the courts can pierce the corporate veil, or disregard the company and make you personally liable. You should get specific information in your state as to what the corporate formalities that are required.
Put everything in your LLC's name. Also, when signing contracts, etc I was instructed by my attorney to sign by writing: My Name for My Company LLC
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!