Business Questions?
So I need to get a checking account for my rental business, but how do I set this up? Doesn't my name have to be on it, or will the bank put a name on the account under my name?
Any input would be great... I want to have a separate fund for the rental money.. But can I get money out of the rental money if I need money for my own expenses?
Your business can get a business checking account. You will need to go to the IRS website and get an EIN. The bank will want to know this number when you open an account.
As for your other question, consult your CPA. It is best not to "comingle" funds, taking money out of your business account and using for personal. However, with a good CPA, he can discuss options such as the business loaning you money, or putting you on payroll.
Good Luck!