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5 Replies Last post: Aug 3, 2009 6:41 PM by Graytbiz

One LLC as operating company serveral Bank Accounts?

Aug 3, 2009 7:59 AM

Click to view Graytbiz's profile Professional Graytbiz 4 posts since
Apr 20, 2009
I have started one company as an operating company and have the plan to have several other companies run through it. I have setup two bank accounts. One for the LLC and one for the DBA. The DBA is what I do all the business through and have been paying out of that account and recieving all deposits in that account. My question is this, do I even need two seperate accounts if it is only a DBA? Should I just consolidate all the funds to the LLC account and work from there with the DBA as part of that account? I plan on taking the DBA and making an LLC out of it next year but plan on just riding the rest of this year out with the DBA account.

I am just at such a loss as of how to setup my bank accounts to best manage multiple businesses under one main Operating LLC. If I form more LLC's with the main operating LLC as the main member then does it matter if I start wholly seperate accounts for them? I do pay employee's for the seperate businesses and am wondering which account to pay them from since the LLC is the one with the EIN.

As you can tell I need some direction.

Thank you in advance for trying to understand my messed up situation.

JG
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,933 posts since
Aug 6, 2007
1. Re: One LLC as operating company serveral Bank Accounts? Aug 3, 2009 10:07 AM
One LLC as operating company, Welcome

Direction. Go to Members page and share some info.

Where are you?? Do you have an Accountant??
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Click to view Graytbiz's profile Professional Graytbiz 4 posts since
Apr 20, 2009
2. Re: One LLC as operating company serveral Bank Accounts? Aug 3, 2009 11:44 AM
in response to: LUCKIEST
I don't understand what you mean by the members page and what info to share.

I am in Dallas, TX. I don't have an accountant that I use all the time... Business is not profitable enough yet to justify that expense.
Click to view TheSoloGuide's profile Mogul TheSoloGuide 109 posts since
Jul 7, 2009
3. Re: One LLC as operating company serveral Bank Accounts? Aug 3, 2009 3:39 PM

Dear graytbiz:

I am not an accountant, but I recommend that you have one bank account and one LLC for each DBA. If one of the DBAs fail, you don't want to harm the other LLCs/DBAs. Since you only have one DBA and one LLC at this time, I would have one bank account to cover both of them unless you plan on using your current LLC for a future DBA. If you plan on creating a different LLC to cover the current DBA, I would keep a separate account for the current DBA from the current LLC. This will allow you to better track your money for your current DBA.

Hope this helps.

Doug Dolan

The Solopreneur's Guide

http://thesologuide.com

Click to view Graytbiz's profile Professional Graytbiz 4 posts since
Apr 20, 2009
4. Re: One LLC as operating company serveral Bank Accounts? Aug 3, 2009 4:27 PM
in response to: TheSoloGuide
Thanks for the tips! Definately helpful!
Click to view Graytbiz's profile Professional Graytbiz 4 posts since
Apr 20, 2009
5. Re: One LLC as operating company serveral Bank Accounts? Aug 3, 2009 6:41 PM
in response to: LUCKIEST
I have done as asked

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