Starting an LLC/Business Account Questions.

[James Toland]

Hello Everyone, 

I currently own three properties under my name and have a separate checking account for each under my personal bank account. How do I best go about creating an LLC and moving the money in each account to a separate business account? I am planning on calling Navy Federal to open a business account for each property but should I open the LLC first? Should I open the bank account under the LLC's name even though the properties are in my name? Thank you for any suggestions and tips as I do not want to go about this the wrong way.

[Chris Seveney]

@James Toland

I would just get an umbrella policy. You also don't need bank account for each property (need one for each LLC)

You can use one bank account and just classify the expenses and income by the asset - this is super easy in any accounting software