Im planning on oppening up a PM business in Florida. I have been learning up on the subject. I know I need a trust account for the rent I collect but HOw and where do I open one?

LOCALLY: A brief synopsis of what may be required is knowledge of the current pertinent laws and the required process to be followed in relation to registering a business, establishing business banking accounts, the licencing and insurance coverage as may be required.

1. A due diligence search of local by-law to learn whether or not you will be permitted to operate a business from your chosen business address;

2. A due diligence search to learn if a busines licence and/or other licencing is required and whether insurance and bonding is required.

3. A nuan search (name search) to ensure that your business name will not conflict with a business, already registered under your contemplated business name.

4. Determine the type of registration you wish to register your business as, i.e. Sole Propietorship, or Partnership, or a incorporated business.

5. With the official results of your name search visit the appropriate registrations office and completed the required forms for registration, pay the fees and await delivery of your official documentation as evidence that your business is officially registered.

6. Take your official documents together with certified copies thereof, and visit you banking institution of choice and open two banking accounts a) a general banking account and b) a trust account and arrange to have cheques printed with respect to each account.

7. Set-up your bookeeping system with regards to each account.

8. Note that setting up a corporation with or without share capitol is much more involved.

9. There are also tax consequences upon which a accountant and/or an attorney can advise you.


Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .