First and foremost thanks for the replies!
I currently manage two LLCs with several properties housed under each. One is mine and one is a family member's. I use management software where its structured for a management company to be managing these multiple LLCs. Because I am managing for myself and a family member, do I have to incorporate an actual LLC/Corporation in order to manage these multiple LLCs? All official documents will be still sent from the respective LLCs along with checks (all money is still individually handled by each LLC), but will make the idea of having a tenant portal much easier. I would like to just make up a generic name for the website where the tenant portal will be. I am in California by the way.
Have you been taking a fee for your management activities? Do you have contracts with the LLCs to do so? Is your LLC member managed or manager managed? And the family member's? Do you have any ownership interest in the family member's LLC? If you are going to be setting up a website and holding yourself out as a manager or a management company to the public, you at least will likely want to have a DBA in place. Have you looked into the qualifications you need to be a property manager? If you are going to be setting up a portal, how will you protect yourself from renter's personal information being hacked?
*This post is not to be relied upon and is informational only. It does not create an attorney-client or CPA-client relationship. Readers are advised to seek professional advice.
Thanks for your reply.
I do take a fee, but I don't necessarily have to depending on what my options are. I don't have any contracts because the one of the LLCs is owned by me, and the other one is owned by my direct family member. I don't have any ownership interest in the family member's LLC at the moment.
Can I have the same DBA for both LLCs (so I can house both LLCs tenant portal's under the same website)? I was under the impression that a DBA is structured under an LLC, not as an umbrella company.
I understand California has laws in order to be a property manager officially (have your broker's license), but I thought because I am managing for direct family where all decisions are actively made by the rental owners still, that I would be fine doing this.
Protecting the information was a separate issue - and that has been taken care of.
Thanks again for the response - this was helpful!
@Kushal S. Whatever you do, be sure not to pierce the corporate veil of the LLC by treating it as an extension of you personally, commingling funds, not documenting decisions, etc. You will probably want to talk with an attorney or read up on case law about it. The whole point of having the LLC is to protect yourself.