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Updated about 5 years ago, 09/26/2019
Rent payments cash flow....
Hi to all,
Im planning on opening a Wyoming LLC as a holding company, then open an LLC for each rental that we have in Kansas and Missouri.
I read several articles and would like input on the way rental payments should flow from the tenants to me.
1- The tenant deposits rent in the account of the LLC that owns the RE property.
2- The rent money is transfer to an account in the name of the Wyoming holding LLC
3- Any money that I need to pay for personal expenses is transfer from the Holding LLC account to my personal account.
Question:
1- Do I need to move money to the holding company... then to my personal account.. or can I move it from the Rental account to my personal account?
2- How do I open a Wyoming account? Do I need to open one in Wyoming? or just an account using the EIN number of the Wyoming LLC?
3- Is this actually necessary? Im trying to create a "paper" trail... but actually all will be done electronically... transfers between bank accounts... hopefully in the same bank.
NOTE: The main reason Im thinking on opening a holding company in Wyoming is for the Charging Order protection advantages... KS and MO don't provide the same advantages.
Thanks.