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Max Online: 16728 @ 03/25/12 08:51 AM
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#7117843 - 03/20/18 04:32 PM Lease Expense Account? Any advice?
sig6060 Offline
Bird Dog

Registered: 10/18/10
Posts: 273
Loc: Texas
Hey guys,
My group and I just signed a contract on a new lease. We have been kicking around the idea of creating a bank account for the lease fees and expenses versus running it through someoneís personal account. Anyone else do this? Is so, how did you set it up? LLC?
Trying to figure out how to establish the an account in the groups name.
Any input you can provide would be appreciated

Thanks,

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#7117878 - 03/20/18 05:06 PM Re: Lease Expense Account? Any advice? [Re: sig6060]
scalebuster Offline
Veteran Tracker

Registered: 11/25/10
Posts: 2985
Have one person open the account and keep an accounting of the money. When someone buys for the lease reimburse them out of that account. Works for us.

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#7118858 - 03/21/18 03:47 PM Re: Lease Expense Account? Any advice? [Re: scalebuster]
Texan Til I Die Offline
Veteran Tracker

Registered: 08/18/09
Posts: 2088
Loc: Central Texas
^^^^This, but you'll probably want two signatures on the account.
_________________________
Silver spurs and gold tequila
keep me hanging on.
Pretty girls and old cantinas
give me shelter from the storm.

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#7118862 - 03/21/18 03:53 PM Re: Lease Expense Account? Any advice? [Re: sig6060]
Creekrunner Online   content
THF Trophy Hunter

Registered: 10/19/12
Posts: 9848
Loc: Bexar/Gillespie, hunt Terrell
One of our guys ("lease manager") opened it as an LLC and we deposit the lease payments into it. We buy stuff on our own and email him expenses, which he turns around and deducts from our next payment. We all go to church together, so trust is implied. If (when) it comes to an end, we will see.
_________________________
...and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moveth upon the earth. Gen. 1:28

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#7119111 - 03/21/18 07:34 PM Re: Lease Expense Account? Any advice? [Re: sig6060]
nate33 Offline
Bird Dog

Registered: 11/16/16
Posts: 426
Deer leases are becoming similar to owning a salt water boat -------- if you put a pile of $100 bills on the back and the wind blows it into the water, if you care , you need to sell the boat.

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#7119118 - 03/21/18 07:44 PM Re: Lease Expense Account? Any advice? [Re: sig6060]
dogcatcher Online   content
THF Celebrity

Registered: 07/17/06
Posts: 86308
Loc: Abilene or on the road...
I got off of my last lease years ago but this is how we operated. We created a partnership with each member being an equal partner. We elected a manger and a treasurer, a checking account was opened and it required 2 signatures. Every so often we would have a meeting and BBQ at one of our houses and take care of business. The 2 signatures were the manager and treasurer.
_________________________
Combat Infantryman, the ultimate hunter where the prey shoots back.
_____________"Illegitimus non carborundum est"_______________




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#7119947 - 03/22/18 04:15 PM Re: Lease Expense Account? Any advice? [Re: sig6060]
STXHO Offline
THF Trophy Hunter

Registered: 04/06/11
Posts: 5231
Loc: South Texas
I have a general lease operating account for my personal lease. Its mainly for tax write off purposes. The majority of the expenses from the lease will go through me then my lease members will pay me back. I wouldn't recommend sharing a bank account with anyone on a lease.
_________________________
www.southtexashuntingoutfitters.com



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#7120725 - 03/23/18 12:27 PM Re: Lease Expense Account? Any advice? [Re: STXHO]
sig6060 Offline
Bird Dog

Registered: 10/18/10
Posts: 273
Loc: Texas
Do you also carry general liability and supplemental hunting insurance? Its required by our landowner. Trying to figure out what that is going to run us. thanks for the response.

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#7120726 - 03/23/18 12:28 PM Re: Lease Expense Account? Any advice? [Re: STXHO]
sig6060 Offline
Bird Dog

Registered: 10/18/10
Posts: 273
Loc: Texas
Originally Posted By: STXHO
I have a general lease operating account for my personal lease. Its mainly for tax write off purposes. The majority of the expenses from the lease will go through me then my lease members will pay me back. I wouldn't recommend sharing a bank account with anyone on a lease.


Do you also carry general liability and supplemental hunting insurance? Its required by our landowner. Trying to figure out what that is going to run us. thanks for the response

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#7121415 - 03/24/18 06:57 AM Re: Lease Expense Account? Any advice? [Re: nate33]
sbushee Online   content
Pro Tracker

Registered: 07/08/15
Posts: 1911
Originally Posted By: nate33
Deer leases are becoming similar to owning a salt water boat -------- if you put a pile of $100 bills on the back and the wind blows it into the water, if you care , you need to sell the boat.

Lol!!! Thatís great. Iím gonna start using that if you donít mind

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