All Forum Posts by: Mike Jones

 Right, I can see that being an issue. 

 @Haresh Melwani

Thank you Sir. So keep adding a QB every time a LLC is formed?

I did read somewhere that the parent LLC can be a QB, then the property LLC be a Class, and under that class the different Apt Units can be sub class...etc

@Chris Seveney

@Haresh Melwani

I will definitely hire one. Asking here doesn't mean i will not use one. I just like to know how others are setup, and to educate myself.

How are you guys setting up your QB when you have a Holding LLC and Property LLC (with 3 rental properties)? Both LLC have a separate bank accounts.

@Eli L. Ku

Very nice. I love it. Congrats man. How much did it cost you on renovation?

@Mike S.

Thanks Mike. Moving it from ABC to XYZ as a contribution seem easier. As a loan if it’s for large purchase, that way ABC can put a lean on the property.. Thoughts?

What about the monthly transfer from XYZ to ABC?

Trying to understand how money will flow between Holding LLC and Property LLC.

Assume we have a Holding LLC named ABC, LLC with X as single member owner, and another Property LLC named XYZ, LLC owned by ABC, LLC. XYZ, LLC has 3 properties, receive rental payments, and pay bills. The rest of cash is sent to ABC. Contribution from X owner will be deposited to ABC. If X owner need money, he will take a distribution from ABC. X owner will never go directly to XYZ for deposit nor redraws. Both LLCs have a separate bank account.

Now let say XYZ want to buy another property, and need money from holding llc ABC, LLC. Should that transfer be a LOAN from ABC to XYZ?? What about the monthly cash surplus XYZ transfers to Holding ABC,LLC after paying all the bills, how should that be recorded?

Just trying to rap my head around that. Thanks in advance for your input.

What language should be including in the Operating Agreement of Single member holding llc, and single member (holding llc is the member and owner) property llc ?? The holding llc will have a sole member manager. 

@Cole Raiford

I would say that most people who want to form a holding llc are aware of where to form the entity in order to be anonymous. 

@Cole Raiford

Of course all is possible. It all comes down to how much one is willing to risk and how anonymous they want to be, how much info they want to share with the public and how easily It can be accessed.