Question
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?
First thing you need is an EIN to set up a business checking acct. If you have that you need to keep everything seperate...don't take money out of your business aacct for personal use and vice versa.
What kind of business entity are you wanting to establish? An LLC? Corporation? Sole Properietorship?
To open a business checking account, the bank willl want to know the business name, its' article of incorporation (if appropriate), and its' EIN #. You can apply for EIN through IRS site.
You will probably want to speak with an attorney and /or accountant to help you set business up. There are also a lot of good books on the subject available at your public library.
I beleive there are some article on this site, as well, that discuss the difference between thr different business entities.
In any case, you don't want to comingle or mix you personal money with your business money.
Good Luck!