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  1. #1
    Join Date
    Feb 2010
    Posts
    187

    Default LTC...How many Bank Accounts?

    Hi
    I already have my LTC up and running and I have one bank account open that I am using as the LTC's working account.

    Now first question....should that account have been set up in the name of the LTC?
    At the moment it is just a Westpac business account that I tagged on to all my other personal accounts.

    Second question...I will shortly be getting an RCF in the name of the LTC . This RFC is guaranteed by me against my personal home.
    Should the RCF have it's own account or should I just close the original business account and use the RCF as my LTC's working account.

    Thanks
    Richard

  2. #2
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    4,532

    Default

    Your accounts should be in the name of the LTC.

    Your choice on one or two accounts though.

  3. #3
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    10,329

    Default

    Quote Originally Posted by Keys View Post
    Your accounts should be in the name of the LTC.
    What's the rationale, Keys?
    Just curious.

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  4. #4
    Join Date
    Sep 2007
    Location
    Christchurch
    Posts
    1,250

    Default

    You want to put all your business' income into the RFC, to reduce the interest you pay. I'd go for just the one account.

  5. #5
    Join Date
    Nov 2006
    Location
    Cyberspace
    Posts
    4,532

    Default

    Quote Originally Posted by Perry View Post
    What's the rationale, Keys?
    Just curious.
    For me it is simplicity.

    All of my accounts which are personal have me on the address and top of the statement. All company accounts have the company there. No confusion. No trace of tainting. Easier to mange. Easier to keep separate.

  6. #6
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    10,329

    Default

    Right. I do know you use appropriate software for the PM chores.
    I use Quicken to manage the Trust, the rentals and private items.
    So "keeping things separate" is easy with software to keep track
    of everything and allocate them appropriately. (So long as I rem-
    ember to code them properly!)

    Sometimes there are advantages such as the differing conditions
    which pertain to credit cards and mortgages if they are 'attached'
    to a business entity, as opposed to a personal entity.

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