Let me preface this by saying I know absolutely nothing about deposit side compliance, so I apologize if this is a stupid question:
Can we have two separate companies on the same DDA account? We are doing a construction loan to a dentist that will also include the purchase of the dental equipment. We require construction draws to be disbursed into a checking account and then cashiers checks used to pay contractors. In this situation, the dentist operates two separate LLCs and wants the real estate portion to be under one company and the equipment under the other. To simplify things, we want to have the same checking account for both purposes. Are there any issues with this?
Thanks for any help.
All opinions are my own, not my employer's