Legal Question in Business Law in Illinois
Trust Account
To attain a collection license the application stipulates that I must ''maintain a Trust Account at all times even if no
collection activity is currently taking place''. What does this mean/entail?
Thanks.
Asked on 9/27/08, 4:53 pm
1 Answer from Attorneys
Burton Padove
Indiana and Illinois Lawyer, Burton A. Padove
Re: Trust Account
This means that you must keep a bank account open at all times fopr the benefit of potential clients. You are not allowed to use this account for your p[ersonal or business expenses. Rather it is a depository for moneys that you receive on behalf of your clients.
Answered on 9/28/08, 7:44 am
Related Questions & Answers
-
Personal Guarantee My partner and I are going to be starting a new franchise. He has... Asked 9/25/08, 10:11 pm in United States Illinois Business Law
-
Online service I paid for a rental service online, they said they don't reimburse... Asked 9/23/08, 11:19 am in United States Illinois Business Law
-
Selling sales-call (public) information I'm working on a website that will sell... Asked 9/22/08, 9:40 am in United States Illinois Business Law
-
Business License If my business location is in a state (IL) that requires licensing... Asked 9/21/08, 10:27 am in United States Illinois Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
