Bank count for Forming an LLC with Partner

[Austin Shively]

Hey there BP people,

I am in the processing of forming an LLC with my father to buy and hold rental properties. I currently have 2 properties in my name but the next property I buy would be under an LLC (In North Carolina). In this case, the partner is my father who has the capital for a potential down payment and I would be the one involved in the deal and maintaining the property. I have a few questions related to LLC's and the accounts tied to them.

1) I am wanting to ask what is the best way to set up a banking account for an LLC when you have a partner? 
2) Can an LLC have multiple Banking accounts linked to it or would it just have one?
3) With the next property we buy, we would purchase it through our LLC, pay the 25% down payment with a DSCR loan. Is that the main pathway for purchasing properties with an LLC or are there other ways that can be advantageous for a LLC?

[Doug Smith]

To answer the three questions:

1) It's a pretty simply process, but you'll need your Articles of Organization and your IRS SS-4 letter that you got when you received your Tax ID number. You'll also definitely need your driver's licenses. They might want your Operating Agreement showing who is allowed to sign checks, a Certificate of Standing from the State you set up the LLC in, and possibly meeting minutes stating that a bank account is authorized to be set up and who is authorized to be a signer.

2) You can have as many accounts or banks as you want. 

3) There are several options for financing including the DSCR product, but each customer is different and a good lender can listen to your story and, after gathering some documentation, guide you in the right direction.

I hoped that helps you.