As i stated earlier—i own property in NY and TN—no replies yet. Though i am thinking two seperate LLC’s in each state—Does one need seperate banking accounts for each LLC?
if you have two LLC’s then they should have to bank accounts. otherwise is comingling.
but unless there is a reason: not opening the TN property up to NY tax, lender requirements, etc, then it is not necessary to have two LLCs.
Please pardon my confusion. I have been reading your post and Mr. Da Wiz—it seems to me —that consistantly You both recommend separate LLc for each property (asset protection)–Yet You are saying maybe not…? …and if i need a seperate bank acct. for each property-----well—anyways ----do You see/hear my confusion----?
a seperate LLC for each property is best, but it comes with a cost, both in money (set-up, tax returns, etc) and convenience/efficiency (banking, bookkeeping, etc).
so, you have to evaluate those costs, both money and hassle, with regard to the marginal protection you receive, and decide if it’s worth it to you.
if you decide that it is worth setting it up that way, then each company will have it’s own checking to avoid comingling.
if you decide that it’s not worth it, then having two or more properties in one entity with one checkbook is fine.
to help you, if the properties are not high value and/or high risk, then you may not need to protect the properties from each other by placing them in seperate entities. But if you are leasing an asbestos and lead paint office to a cement factory…