LLC's and Bank Accounts for Property Management Company

[Tom J.]

Hi All,

Currently I am a Property Management Company with 20 units that I manage. At years end I will be forming an LLC and creating new contracts with the owners under the newly formed LLC.

My plan is to just have 1 LLC entity manage all the properties, with an operations bank account, and savings bank accounts for each security deposit we take in. I was curious to know if this is the right way to do it, or if I should have multiple LLC's and/or bank accounts?

Again, I do not own any of the properties, I am solely the management company that provides a service to the owners of the property.

Thanks for the help.