Updated over 16 years ago on . Most recent reply
Entity question
Hi everyone! I want to form an LLC for my new wholesaling business and want to open up a bank account for it. My question is, my credit isn't great right now, and I know that banks are suddenly choosy about who they will open up a checking account with, let alone a business account. Does anyone have any idea if my credit will be a problem in opening up a new business account for this business? Thanks in advance! :cool:
Most Popular Reply
In regarding multiple LLC's etc.
When we buy a property, it is titled into a Land Trust, and the trustee, (manager if you will) is an LLC. Since each property is owned by a separate trust, you are creating a few levels of asset protection.
1 Each asset is owned by an individual entity (separate trusts)
2 Finding who owns an LLC is pretty easy.. however finding who owns the trusts.. much more difficult.
3 One tax return.Much less lower tax bill.
One LLC, several trusts.
Just food for thought.
Tony Severino