Debate: does every LLC need a separate checking
I wanted to bring this debate to the forum that I am having with a friend who is also an investor.
The debate, if an owner has several llcs ( all single member) for holding rentals, and one additional LLC acting as manager. All llcs done on the owners tax return being single member. Does each LLC need its own separate checking account and thus each properties' tenants pay the LLC that owns their house? Or is it ok for the manager LLC (for purpose of one name for marketing, maintenance calls etc) to collect all rents, pay bills and just have that one checking acct skipping the back and forth payments from LLC to LLC?
I have been doing the first scenario as I started with one LLC and have added more as I've bought more properties, for liability protection. As I've added I've opened a new checking acct an kept each separate. My friend disagrees and says I'm dong too much work and an have one checking acct for the management LLC only....which is right? Debate please