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    4 Replies Latest reply on Dec 29, 2009 2:52 PM by dublincpa

    LLC Accounting

    sterreda Newbie
      If I have several LLCs do I need to have a separate bank account for each one or can I just use one business banking account in my name for all of the LLCs?
        • Re: LLC Accounting
          I am not an accountant or lawyer but. why don't you just have one LLc?? You create a bookeeping nightmare when you take one account and try to seperate it at tax time. Answer: I would say Yes.
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            • Re: LLC Accounting
              sterreda Newbie
              Good point on the accounting nightmare. I am doing several LLCs because I want to hold each property in a separate LLC for liability reasons.
                • Re: LLC Accounting
                  dublincpa Scout
                  I am not a lawyer, but I believe that separate bank accounts may help ensure your liability protection.

                  Although, I am sure you are used to separating income and expenses for completing the Schedule E details. Separate accounts might make it a little easier.

                  Assuming that they are single member LLCs without employees, you should be using your own SSN anyway. That may make it easier for your bank to link the accounts, possibly in a sweep arrangement. The sweep transactions would be clean and easy to back out for P&L reporting. Some banks' systems can't handle this though.

                  Depending on what state you are in, a Series LLC might be more cost effective. In Illinois, it would save a few hundred dollars per entity. Not all states have or recognize them though.
              • Re: LLC Accounting
                LUCKIEST Guide
                LLC Accounting, Who are you??

                Go to Members page and share some info. Do you have an accountant??
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