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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Company books w/trusts Posted by Erick on December 16, 2003 at 7:59 PM Me and my partners operate an LLC which owns a number of buy and hold type properties. We're just starting to put our properties into trusts and just starting to do some subject to's. However, I'm getting a little held up b/c I can't figure out how we'll organize the books. By the way, the beneficiary of the trusts will be our LLC while the trustee will be one of the partner's wives. Right now, we have all our books on Quickbooks with a single bank account for the LLC. However, when we put the properties into trusts (either the properties we already own or freshly purchased ones) how should the eventual rental income and expenses be organized? Who they come from and go to? Also, when making mortgage payments or receiving proceeds from a property sale, won't these checks need to be made out by (and to respectively) the trustee? So, do you somehow have trust bank accounts set up for these transactions or would you have the LLC as property manager handle all of the transactions through it's account? I'm probably making this harder than it needs to be... Thank you. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Me and my partners operate an LLC which owns a number of buy and hold type properties. We're just starting to put our properties into trusts and just starting to do some subject to's. However, I'm getting a little held up b/c I can't figure out how we'll organize the books. By the way, the beneficiary of the trusts will be our LLC while the trustee will be one of the partner's wives. : Right now, we have all our books on Quickbooks with a single bank account for the LLC. However, when we put the properties into trusts (either the properties we already own or freshly purchased ones) how should the eventual rental income and expenses be organized? Who they come from and go to? : Also, when making mortgage payments or receiving proceeds from a property sale, won't these checks need to be made out by (and to respectively) the trustee? So, do you somehow have trust bank accounts set up for these transactions or would you have the LLC as property manager handle all of the transactions through it's account? : I'm probably making this harder than it needs to be... : Thank you. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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