Create 3 LLCs, do I need 3 bank accounts or I can do 1 for all?

[Jack Nguyen]

If I created 3 LLCs, do I have to create 1bank account for each LLC?

Or can I create 1bank account for all 3 LLCs?  

Any other suggestions about LLC would be great appreciated

Thanks in advance 

[Nathan Gesner]

@Jack Nguyen there are pros and cons. If you have an LLC, you MUST follow some basic rules to ensure you are protected. This would include separating the LLC funds from all other funds. If you mingle one LLC with another or an LLC with your personal, you can completely wipe out the protections offered by the LLC.

I manage properties for almost 150 owners and about 90% of them own the properties under their personal name. Some have owned the properties for decades. I know investors with 50+ units under their personal name and decades of experience. None of them have been sued or lost their property. I also know an individual that had a single property under an LLC that was sued and lost his shorts. Ask around and see if you can find anyone that was sued but they escaped because the property was under an LLC.

People pour money and effort into creating/maintaining an LLC when the risk of being sued is extremely low and it may not afford the protection they think it will.

I recommend two things to protect yourself:

1. Know and obey the law, treat your tenants fairly, and be honest.

2. Carry an umbrella insurance policy.