Can I use Cozy as a business, LLC, or property manager?
Yes! You can use Cozy as a business, LLC, or property manager. In fact, many Cozy customers are property managers or large owner/operators, so you'll be in good company.
That said, Cozy was originally designed with independent landlords in mind, so there are some things that may be less intuitive during your initial setup. Here are answers to a few things you may have questions about:
Adding your business name
As you may have noticed, there's no designated place for a business name. But, you can change the first and last names on your account to reflect your business's name, which is the name your renters will see.
- To change the name your account, click your name in the top-right corner, and select Settings.
- Edit the first and last name on your account to your business info. For example, you could make your first name "Property Management" and last name "LLC."
Verifying your account to receive payments
If you're using Cozy for payments, one important thing to keep in mind is that you will need to verify your account using your personal information and SSN.
Due to Know Your Customer (KYC) federal law, we are required to verify the identity of the individual using a Cozy account to receive payments through Cozy. This means that even as an LLC or property management company, you'll still need to use your SSN to verify your identity to receive payments.
Note: Your personal info isn't used for tax purposes, it's just used to verify your identity. If you meet the criteria for Cozy to report payments to the IRS for the calendar year, we'll contact you before January 31 to ask for more details about your legal entity (or entities). Learn more about the criteria for tax reporting and 1099-k forms.
Can I deposit to multiple checking accounts?
Yes, you can add multiple checking accounts to your one Cozy account. Go to the Banks & Cards section of Cozy to add your checking accounts. When you set up rent collection for a unit, you'll choose which checking account you'd like to deposit to.
Note: Right now there isn’t a way to divide a single rent payment between checking accounts. In other words, you wouldn't be able to deposit a manager's fee to one checking account and the remainder of rent to a client's checking account. Rent payments can only be sent in full to one account.