With over 20 years of experience in property management, we understand the importance of effective financial and portfolio management. To address these needs, we have introduced Legal Entities—a configuration designed to assist business owners and property managers who oversee multiple properties under different legal or business structures.
What Are Legal Entities?
Legal Entities are structures you can use to represent a business or an individual, helping to:
Organize properties based on ownership or business division.
Simplify financial management by linking Online Payment Methods (e.g., Stripe) to each Legal Entity.
(Example: If you manage 10 properties, split evenly between two businesses, you can create two Legal Entities and assign a Stripe account to each.)
You don't need to own a registered business to create a Legal Entity.
For homeowners: You can configure the Legal Entity using your personal name or the property name.
Why Are Legal Entities Important?
Portfolio Management: Assign properties to distinct entities for better organization.
Financial Management: Link each Legal Entity to a separate Stripe account for clear transaction records.
Essential for Distribution: Legal Entities are a required step for listing your properties on platforms like VRBO. (Learn more about VRBO connection HERE)
Steps to Create and Assign a Legal Entity
Create a Legal Entity:
Navigate to Master Settings > Legal > Add Legal Entity.
Fill in the required information (business or personal details).
Assign the Legal Entity to Properties:
Go to PMS > Property > Details > Legal > Select Legal Entity.
Choose the created Legal Entity and assign it to the relevant property.
Benefits of Setting Up Legal Entities
Streamlined Financial Management: Separate finances by business or property owner.
Enhanced Organization: Easily track and manage property groups.
VRBO Preparation: Ensures smooth property distribution.
Properly configuring Legal Entities is a foundational step in your Onboarding Process. (Learn more about Onboarding HERE)