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Lease Expense Account? Any advice?
#7117843
03/20/18 09:32 PM
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Joined: Oct 2010
Posts: 273
sig6060
OP
Bird Dog
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OP
Bird Dog
Joined: Oct 2010
Posts: 273 |
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 someone’s 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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Re: Lease Expense Account? Any advice?
[Re: sig6060]
#7117878
03/20/18 10:06 PM
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Joined: Nov 2010
Posts: 6,287
scalebuster
THF Trophy Hunter
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THF Trophy Hunter
Joined: Nov 2010
Posts: 6,287 |
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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Re: Lease Expense Account? Any advice?
[Re: scalebuster]
#7118858
03/21/18 08:47 PM
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Joined: Aug 2009
Posts: 3,848
Texan Til I Die
Extreme Tracker
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Extreme Tracker
Joined: Aug 2009
Posts: 3,848 |
^^^^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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Re: Lease Expense Account? Any advice?
[Re: sig6060]
#7118862
03/21/18 08:53 PM
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Joined: Oct 2012
Posts: 25,269
Creekrunner
THF Celebrity
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THF Celebrity
Joined: Oct 2012
Posts: 25,269 |
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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Re: Lease Expense Account? Any advice?
[Re: sig6060]
#7119111
03/22/18 12:34 AM
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Joined: Nov 2016
Posts: 618
nate33
Tracker
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Tracker
Joined: Nov 2016
Posts: 618 |
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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Re: Lease Expense Account? Any advice?
[Re: sig6060]
#7119118
03/22/18 12:44 AM
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Joined: Jul 2006
Posts: 110,795
dogcatcher
THF Celebrity
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THF Celebrity
Joined: Jul 2006
Posts: 110,795 |
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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Re: Lease Expense Account? Any advice?
[Re: sig6060]
#7119947
03/22/18 09:15 PM
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Joined: Apr 2011
Posts: 5,711
STXHO
THF Trophy Hunter
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THF Trophy Hunter
Joined: Apr 2011
Posts: 5,711 |
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.
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Re: Lease Expense Account? Any advice?
[Re: STXHO]
#7120725
03/23/18 05:27 PM
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Joined: Oct 2010
Posts: 273
sig6060
OP
Bird Dog
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OP
Bird Dog
Joined: Oct 2010
Posts: 273 |
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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Re: Lease Expense Account? Any advice?
[Re: STXHO]
#7120726
03/23/18 05:28 PM
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Joined: Oct 2010
Posts: 273
sig6060
OP
Bird Dog
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OP
Bird Dog
Joined: Oct 2010
Posts: 273 |
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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Re: Lease Expense Account? Any advice?
[Re: nate33]
#7121415
03/24/18 11:57 AM
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Joined: Jul 2015
Posts: 2,879
sbushee
Veteran Tracker
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Veteran Tracker
Joined: Jul 2015
Posts: 2,879 |
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!!! That’s great. I’m gonna start using that if you don’t mind
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