Quickbooks setup for rentals and flips

[April Benard]

Hi Everyone,

For QuickBooks setup, should I setup a separate company for my rental and flipping business? Both are currently operated within one LLC/Tax ID.

[Patrick Liska]

First, i would form another LLC and separate the two businesses, the activities of both are taxed different - see an attorney about it. then in quickbooks you should set up 2 different companies and track each separately.