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In regards to the sale of the property, I have detailed below some basic items that would need to be handled well in advance of the transfer of ownership. We operate the hotel with 4 different bank accounts. 1-Operating account. This is your checking account. All bills are paid out of this account. 2-Cash account. Each week all of the cash & checks collected from both hotel guests and accounts receivables (Wholesale travel agent payments) are deposited into this account.

3-Credit card account. Each night during the night audit all credit card transactions are transmitted into this account. *Note: At the end of each month, the 4 weeks of cash that were deposited into the cash account and all of the credit cards that were into the Payroll account.

We use “COMPUPAY” to process our bi-weekly payroll. They process all aspects of our payroll including all payments of state & federal taxes. The taxes paid and their fees are deducted from the Operating account. You would need to open an account with Compupay? If you do not already have one, you will need to open an on line account with the STATE OF FLORIDA and the TOWN OF SURFSIDE to pay all sales taxes. (7% to the State of Florida and 4% to the Town of Surfside).