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Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 100053
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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We have a small business where we receive rental income from

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We have a small business where we receive rental income from a website. We manage vacation properties. We keep and escrow account for that money. My question is can regular bills be paid from that account or should they be paid from an operating account?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ely replied 1 year ago.
Hello and welcome to JustAnswer. Please note: This is general information and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.
Escrow account should be used for things like DEPOSITS. It is meant for money that is not really the company's and may be returned.
For things like regular bills and upkeep, as well as sometimes salary, the OPERATING ACCOUNT should be used.
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