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Updated over 3 years ago,

User Stats

356
Posts
311
Votes
Allen L.
  • Rental Property Investor
  • Chicago and mainly invests in KS remotely
311
Votes |
356
Posts

LLC owning other LLCs bank account best practice

Allen L.
  • Rental Property Investor
  • Chicago and mainly invests in KS remotely
Posted

Hi all, I was reading a book by Rich Dad Advisor Garrett Sutton and he mentioned opening a Wyoming LLC to hold LLCs operating in other states with weaker LLC protection. I wonder if anyone have done this?

My main question right now is what is the preferred way to treat bank accounts? Best practices says I should keep LLC finance and personal finance separate. In the case of multiple layer LLCs, say I have 4 LLCs:

One Wyoming LLC

Three Kansas LLCs

For paying vendors should I open and use funds from each Kansas LLC individually or can I open one bank account under the Wyoming LLC and use that for property expenses for all three LLCs? Does operating 1 bank account expose me to the "inside attack" from creditor of one LLC able to get assets from other LLCs because they're all owned by Wyoming LLC?

Thanks

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