How many bank accounts for many properties held in separate LLC?

[Lawrence Mastropieri]

I have read through many of the forums but I have not found a clear answer on the following question.

I have 4 multi-family properties that I own with a partner. We have one Master LLC that we both are 50/50 owners of. This master LLC owns 4 LLCs, one for each property. I use quick-books for my accounting.

My question is as follows. How should I structure my accounts? Should I create 1 account for each property under the respective LLC property name or should I create only 1 account under the master LLC name?

[David Dachtera]

@Lawrence Mastropieri,

That might be a good question for your accountant or your business attorney.

Not sure what requirements there may be to keep funds separate. I would think that each LLC would have its own checking account, but ask your financial / legal professional for guidance.