Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 3 years ago,
LLC owning other LLCs bank account best practice
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