Receiving a Division Order A Division Order is a document BBX Operating issues that describes the property, the operator, the legal description, the owner’s remittance address, as well as the owner’s decimal interest in the property. The Owner is asked to sign and return the Division Order and add his or her Tax Identification information, be it a Social Security number or an Employer Identification number.
Tax Identification Information Federal Law requires that individuals and partnerships provide a certified Taxpayer Identification Number (TIN) for the owner account. For individual owners, your TIN is your Social Security Number. Other entities should provide Employer Identification Numbers. If the appropriate TIN is not received, BBX Operating is required to withhold 28% from your payment for federal income taxes.
Suspended Payments For your protection, interest payments are occasionally suspended due to questions regarding your account. Such suspension occurs:
Address Change It is important to notify BBX Operating’s Divison Order Department of any change in address. You can do this two ways. You can do it in writing or by email at AddressChange@bbxllc.com. Failure to do so could mean that future payments could be placed in suspense.
Payment Schedule Payments are sent out by the last business day of the month. Payments will only be sent to owners who have returned a Division Order, supplied us with a valid tax identification number, and have a good remittance address in which to send royalty checks. A royalty owner’s account must also reach a minimum amount of $100 in order to receive checks. The only exception to this is our year end payments where accounts under $100 receive checks. Please allow at least 10 business days for checks to arrive before calling about a possible missing check.
Electronic Transfers Currently, we do not offer electronic transfers of funds. We apologize for any inconvenience this may cause.
