I have a private American bank account (I'm not a citizen or anything). Is it worth opening a business account as well? I'd love to hear the pros and cons 🙂
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So basically, anyone who invests in even one property needs to have a business account if they want to sell it? There are a lot of people who have one or more properties, I find it hard to believe that everyone has a business account in the US... So what do they do?
I actually know of cases where the title company agreed to transfer the money to a private account with a document proving ownership of the LLC by the account holder.
It may depend on the country and the level of flexibility of the title.
You can contact the title company in the area of the property and ask them specifically if this is possible.
In any case, if you have the option of opening an account with the LLC, it is better for convenience.
What they said, in addition, if you intend to establish a business and relationship with the bank, in the future it will earn you credit points that the company has had a bank account for several years that is operated properly.
The title transfers money from the sale to the owner of the property. If it is an LLC, you will not be able to receive money into an account in your personal name.
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What did they say?
What she said 🙂
If the property to be purchased or sold is in the name of an LLC, you must have a business account, otherwise the title company will not release the funds to you.