Pros / Cons to using Company Name on Lease Agreement

6 posts by 6 users

Medium 1399295757 avatar amcmillian Adrian M
Real Estate Investor from Los Angeles, CA
20 Posts
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Adrian M

Real Estate Investor from Los Angeles, California

Sep 05 '13, 03:01 PM


Hi,

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!!

-Adrian



No avatar medium Account Closed
Dallas, TX
5014 Posts
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Account Closed

Sep 05 '13, 03:05 PM


Adrian,

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


Joe Gore

Medium 1448323937 avatar jameswise James Wise
Commercial Real Estate Broker from Cleveland, OH
9425 Posts
2816 Votes
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James Wise Verified Video Moderator

Commercial Real Estate Broker from Cleveland, Ohio

Sep 05 '13, 05:55 PM


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,



Medium holton wise property group logo jpegJames Wise, The Holton Wise Property Group
E-Mail: [email protected]
Telephone: 216-661-6633
Website: http://www.HoltonWisePropertyGroup.com
OH Agent # 2015001161


Medium 1399685542 avatar michelle l Michelle L.
Property Manager from Big Bear Lake, CA
570 Posts
293 Votes
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Michelle L.

Property Manager from Big Bear Lake, California

Sep 05 '13, 07:27 PM


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.



Medium 1448388753 avatar jdwlaw Jerry W.
Investor from Thermopolis, WY
2486 Posts
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Jerry W. Verified

Investor from Thermopolis, Wyoming

Sep 05 '13, 07:59 PM


@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.



Medium 1448396445 avatar drillindk Rick L.
Investor from Saint Louis, MO
192 Posts
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Rick L.

Investor from Saint Louis, Missouri

Sep 05 '13, 08:13 PM


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



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