Question on Business Accounts for LLCs

[Jonathan T Harned]

Hello All, 

I'm looking for some advice on the creation of a checking account for a R.E. investment business. I'm unsure if I need to set up an individual checking account for every LLC, or if I can have one LLC manage all the finances for multiple sub-LLCs.

My goal is to have one LLC act as an overarching parent company that would oversee and contain other LLCs holding either small groups of properties or individual properties based on the size/risk of those investments. Currently, I have one LLC based in WY (for the anonymity benefits) which I would like to use as the parent company. I also have another LLC formed in FL which holds my two current rentals. At the moment, all the proceeds and expenses flow through my personal account, which, before I get blasted here, I am aware is a big no-no (comingling) if I desire to make this a ligament company. I will also be creating a third shortly when I move to AZ and begin to acquire other properties out there.

With that, do I need to open multiple business checking accounts for each LLC or can my WY based one manage the finances for the others? Ideally, I would like to have one large account that would collect rents from all the properties, pay the expenses, and provide a single point of contact when purchasing new investments. If I understand what I have read, this would also allow any monies in the single account to "season," increasing my potential for conventional loan acceptance.

If anyone could provide a little enlightenment on this subject, or point me to some quality reading material, I would be very appreciative. 

Happy Holidays to you all and thank you in advance for any advice you can pass my way. 

V/R

Jon