Goals, Business Plans & Entities
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 12 years ago,
Flippers organizing bank accounts
Flippers, what's the best way to organize your bank accounts?
I have a personal account and an LLC business account.
Currently, I keep the bulk of my money in my personal account and transfer funds as needed to my LLC account. My LLC account has a "main" account for business expenses and a sub-account for each project I am working on. As projects finish, their sub-account closes. When a new project starts, a new sub-account is opened.
Would be easier to keep my personal account out of it and keep all available funds in the LLC "main" account. Especially for moving funds in and out of sub-accounts....and for providing Proof of Funds in the LLC name.
There are also some liability issues with keeping all my funds in the same LLC account, right? Is my cash "safer" the way I currently operate (in my personal account)? Not planning on ever being sued, but what if?
How do you guys organize multiple projects within your bank accounts?
Thanks in advance...