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Mar 25th, 2012
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Lease Expense Account? Any advice? #7117843
03/20/18 09:32 PM
03/20/18 09:32 PM
Joined: Oct 2010
Posts: 273
Texas
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sig6060 Offline OP
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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,

Re: Lease Expense Account? Any advice? [Re: sig6060] #7117878
03/20/18 10:06 PM
03/20/18 10:06 PM
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scalebuster Online content
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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.

Re: Lease Expense Account? Any advice? [Re: scalebuster] #7118858
03/21/18 08:47 PM
03/21/18 08:47 PM
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Posts: 2,196
Central Texas
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Texan Til I Die Offline
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^^^^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.
Re: Lease Expense Account? Any advice? [Re: sig6060] #7118862
03/21/18 08:53 PM
03/21/18 08:53 PM
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Posts: 11,342
Bexar/Gillespie, hunt Terrell
Creekrunner Offline
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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
Re: Lease Expense Account? Any advice? [Re: sig6060] #7119111
03/22/18 12:34 AM
03/22/18 12:34 AM
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nate33 Offline
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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.

Re: Lease Expense Account? Any advice? [Re: sig6060] #7119118
03/22/18 12:44 AM
03/22/18 12:44 AM
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Abilene or on the road...
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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"_______________



Re: Lease Expense Account? Any advice? [Re: sig6060] #7119947
03/22/18 09:15 PM
03/22/18 09:15 PM
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South Texas
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STXHO Offline
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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.

Re: Lease Expense Account? Any advice? [Re: STXHO] #7120725
03/23/18 05:27 PM
03/23/18 05:27 PM
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sig6060 Offline OP
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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.

Re: Lease Expense Account? Any advice? [Re: STXHO] #7120726
03/23/18 05:28 PM
03/23/18 05:28 PM
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sig6060 Offline OP
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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

Re: Lease Expense Account? Any advice? [Re: nate33] #7121415
03/24/18 11:57 AM
03/24/18 11:57 AM
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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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