Series LLC: Banking Options

[Account Closed]

Hello all, apologies if this isn't the right section but figured I had to take the first step somewhere. I recently started a Series LLC to house multi family properties (under each child) in Wyoming - for additional anonymity. I used guidance from the article - https://www.biggerpockets.com/... to determine what I wanted to do.

However - one of the challenges I am facing is banking with a series LLC. I understand I can use the different EINs to setup accounts for each child LLC but looking more for recommendations on whether there are banks in and around Washington state (or online banks in other states) that allow having Primary-Cell type accounts where all accounts are housed under one roof but with the ability to have different EINs. I have seen some recommendations in different forums but the banks I reached out to only allow accounts for in-state folks. Hence the question.

My other option is to simply open an account for each child LLC but this means managing a bunch of accounts which I'd rather avoid.

Thank you very much for any advice you can provide.

[Naomi Pinger]

Hello,

Welcome to BP. Glad you are here.

Since setting up business entities can be difficult navigating all the legal structure as well as the tax structure to get the most protection out of both sides I would suggest you use a professional adviser. The gentleman that came to mind when you said Wyoming LLC was Clint Coons, JD of Anderson Business Advisors in Seattle. He sets up and loves the Wyoming LLC work.

If you cannot work with him you might try McFerrin Law in Tacoma WA. They do work with real estate and could probably help you with the series LLC also.

I wish you the best of luck.