Investor · Boston · Member since 2017 · 5 posts · 0 votes
Hi BP,
I have several LLCs where each one holds one individual property. All of the LLCs have their own EIN and separate bank account. In order to pay for certain expenses by credit card, can I use one LLC's credit card to pay for expenses related to the other LLC's and then simply pay it back via a distribution?
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
5y
If you do that I probably wouldn’t even bother with llc’s. If it’s worth suing it’s worth piercing the corporate veil. Just put them back in your name and buy an umbrella policy, whic you should have already anyway. You are 10x more likely to get sued personally that the property is. In which case the llc’s won’t help.