I have an LLC in PA for my rental property and just formed an LLC in New Jersey using the same name and same EIN. My question is do I need to have a separate bank account for my LLC in New Jersey? If so, what is the rationale?
My main question is why did you get a 2nd LLC and not just foreign qualify the existing one unless you wanted to protect them from each other? However if they are two separate entities you will probably need two separate bank accounts.
Thanks for the response Aaron. I apologize for not being clear in my question. I did qualify the first LLC as a Foreign Limited Liability Company. I probably answered my own question then...if its the same LLC, just qualified as a foreign entity, then essentially its the same company and I wouldn't need a separate account. Is that a correct interpretation?
Yes that is my understanding of how an LLC works. Online banks or banks that operate in both states will probably be your best bet.