LLC Bank Account

[Michael Shepherd]

I am an out of state investor from CA investing in MI. I am currently setting up bank accounts for my first two LLCs ... the parent company and the child company to hold the properties in. The bank accounts need an address to send all paperwork relating to the accounts. If I use my personal address for the bank account's address of my LLCs, will I be piecing my veil of liability? Or am I good to open LLC Bank accounts using my own personal address to send paperwork. Please advice!

[Katie Balatbat]

@Michael Shepherd Be careful in your reportings and be sure that you look into California's treatment of any LLCs "doing business" in CA, as well as their treatment of series LLCs. You may find that you have to report both LLCs as doing business in CA as well as MI (if not formed as a CA LLC from the start), and incur $800 per each LLC.

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