I have a LLC for a rental property do I need to have that LLC name on the property deed? and Do I need to have a separate bank account for each property that I have? I have talk to an accountant and she told me that I would need separate banks accounts for each LLC? Is this the best way to setup my Rental Real Estate Business?
Everyone's situation is different so I don't know if you will find a "right answer" here. Here are some of my general thoughts.
The one thing that stands out to me right away is just that if you have an LLC but that LLC is not on the deed I am not sure what your LLC is doing! If you are trying to separate ownership of the property then chances are real good you need to have the property deeded to your LLC.
I would listen to your accountant who knows your situation! As a lawyer I typically listen to my CPA for the set up of my properties because the taxable implications are most important to me. For my own personal reason I do have separate LLCs own my properties but I manage and move them around however my CPA wants me to for my taxable benefit.
Thank you so much for the information I will talk to an accountant and figure out how to get my LLC on the deed?
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