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Updated over 10 years ago on . Most recent reply

User Stats

48
Posts
17
Votes
Mick Harvey
  • Real Estate Investor
  • Napa, CA
17
Votes |
48
Posts

Multiple units, multiple LLC's, multiple bank accounts, who pays the R&M?

Mick Harvey
  • Real Estate Investor
  • Napa, CA
Posted

Getting to the point of multiple LLC's, owning units, which have back accounts linked to them. We have an individual that is our PM, no company, working for us. Question: who or what should pay the R&M costs. If we have 5 LLCs, that have 5 bank accounts, is it best to keep all 5 debit cards in the wallet and when you go and buy paint, you have to rememeber which unit its for, therefore which LLC; therefore which account and debit card to use? There has to be an easier way. We would like to think that we can have one card that our PM can use and somehow track and trace which unit it was for to keep the books correct. I am confused with all this to even ask the question. Please let me know what works and especially what doesnt. thanks all

  • Mick Harvey
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