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Updated over 5 years ago,
Do yo need separate bank accounts per property LLC?
A business partner and I plan to own multiple multi-family properties. We will start with one in 2019 and, hopefully, add 1 property each year for the foreseeable future. Each property will be owned by separate independent LLC's. These LLC's will make annual distributions to each member on an annual basis and will pay individual taxes, as well.
With this in mind, do we need to create separate bank accounts/checks/cards for each property?
Outside of the individual property LLC's is a separate LLC that will serve as our "brand" LLC and one that will make "pursuit expenses" like pre-operating legal expenses, web hosting, email, and travel expenses etc. that are not related to an individual property. This bank account already exists and is active.
So, do we need to create separate bank accounts/checks/cards for each property?