LLC's and Bank Accounts

[Jason Xue]

How do you all deal with multiple bank accounts if you own multiple properties in different LLCs?

Long story short, I am creating a New Mexico LLC to be the holding company and owner of children LLCs created in the states of the properties (currently in Illinois and Missouri). Would each LLC have its own separate bank account? If so, how do you keep up if I keep scaling??

[Natalie Kolodij]

Originally posted by @Nicole A.:

May I ask why you're starting this out so complicated with multiple LLCs and out of state LLCs?

You need to treat each LLC seperately, so each one has its own bank account. Each LLC needs its own operating agreement and other various paperwork. Each has its own tax filing. Each pays its yearly fee to stay active. Complicated and expensive for no real reason especially if your properties have little equity.

 I'm with you on this being over complicated. 

But if each LLC is a single member there's likely no tax filing for it. That's what I see most often is like 1 Partnership that has a bunch of disregarded LLC's under it.