LLCs and bank accounts

[Tom Chen]

Hi everyone!

So there are two schools of thought with regards to both LLCs and bank accounts.

Some people say an LLC per property, some people say a bank account per property...

What about having multiple LLCs, but one main bank account for them all? Is there a way to put all the LLCs under a parent LLC to avoid all the different bank accounts?

Thanks in advance!

[Patrick Connell]

In Texas, we have Serial LLC's.

My rentals are held in a Serial LLC, with each property having its own Series. Essentially, all it takes for me to create another LLC is to fill out a one page piece of paper and give it to the bank and title company.

So, each property is in its own Serial LLC and insulated from all the others for liability sake.

I also utilize just one set of accounts, one accounts receivable checking, one repair account, one tax/insurance account, one advertising account, and one vacancy account. All rents go in and get distributed as necessary.

I can't imagine having 5 accounts for each property, that would be insane.