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Updated over 9 years ago on . Most recent reply

User Stats

8
Posts
0
Votes
Tri Phung
  • Real Estate Consultant
  • Azusa, CA
0
Votes |
8
Posts

3 properties in LLC....seperate bank accounts?

Tri Phung
  • Real Estate Consultant
  • Azusa, CA
Posted

Hey there BP members! I just started a LLC last year and have since put 3 proeprties in the LLC. Should I open 3 separate bank accounts for these proeprties all in the LLC name or is it ok to keep all rents and expenses coming out of a single account?

Also I would like to ask if anyone has a good recommendation for a CPA to prepare taxes and give tax advice in the southern California area (LA or San Bernardino Counties).  Greatly appreciated. 

Tri

Most Popular Reply

Account Closed
  • Lender
  • Los Angeles, CA
174
Votes |
399
Posts
Account Closed
  • Lender
  • Los Angeles, CA
Replied

One account is fine.  Commingling funds is not an issue since it's all the same company.  But, you do want to keep track of what expenses and income apply to which property if for no other reason than knowing how each property is performing.  I use one account and the "class" feature in Quickbooks so I can keep each property separate.

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