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Updated about 10 years ago on . Most recent reply
Each property: its own LLC, Debit Card, HomeDepot Card, & Quickbooks file?
I'm starting to really expand my portolio with a lot of houses. As it grows I'm also creating more LLCs. Isn't this going to get overwhelming to have in my wallet a Credit Card, and Home Depot Card for every property? Then I also have to remember which house(s) in which LLC every time I make a card purchase.
Lastly I need to of course have a separate quickbooks file for each property (and in the cases of multiple property to one LLC, separate classes in quickbooks for each property within that LLC).
Sheesh!! Does everybody go through this same ordeal?
Most Popular Reply
If you use a CPA to do your taxes, and I would imagine you do being an LLC, then you can easily setup all your LLC's in one company file, by linking every transaction you do to each LLC (class) that you setup. (You don't need an LLC for each individual property. Usually 3 properties to an LLC is Okay, but check with your account. You pay more taxes on LLC's)
You can setup our company that manages your LLC's as Let's say Matt's Properties, and then setup all your LLC's as a class. (Matt's Properties is just a company DBA Name that is holding all your LLC's) Once again this is okay if you have a CPA who will do your taxes for you and not go through a tax software program that is an add on to QuickBooks.
Now you can use your charge cards accordingly, but you will have to assign each purchase you put on that card to the correct LLC. (class)
You will be able to still balance your check book in QuickBooks normally and your credit cards, because all you are doing is linking each transaction you do to the correct LLC.
At the end of the year (or anytime you wish) you will run a Profit and Loss Report by Class and that will give you your bottom line per LLC.
Does this make sense to you?
Nancy Neville