Set up a businesss account?

Question

I'm thinking about buying an apartment building, I wish to set up a separate account at the bank for the business and I need to know how to go about setting it up

Answer 1

Hey again!

Answered your OTHER real estate question (and you liked my answer--thank you) and wanted to give you another suggestion.

Try and find a multi-housing landlord association in your neck of the woods--especially if they have monthly meetings. You can get pretty good FREE information during a question and answer session AND if you need to sell your property, those at the meetings are some of the first ones to buy real estate.

WARNING....being a landlord today is harder than it's ever been. Tenants have sooooo many rights. City/County taxes can  be expensive.  Please  do as much homework as you can before you take this MAJOR step.

(My mom's owned property for over 50 years and she still works every day--there are NO days off. )

All the best!

Answer 2

the first thing that you have to do before you go to the bank is decide if you are just going to be self employed or an incorported company.   Self employed you assume all the risk, incorporated you form a company and you are the owner, but the company assumes risk.  if you are incorporated you must bring your articles of incorpartion to the bank with you to set up the name along with your personal information.     If you are just going as self employed you will need all your information and you will have to provided them with the doing business name that you are going to use, they may want you to do a search of name to secure the name.   You can set up your own incorporation for about $350.00 if you do it your self, a lawyer will charge anywhere from 1000.00 to 2000.00 to do it for you.   it is not difficult.   but you need to decide that first before you see the bank.