We file as sole Prop. on our taxes. We have multiple LLC’s and use only one checkbook. Do we need to set up other checkbooks for each LLC?
Each limited liability company should have its own bank account–otherwise, you are clearly commingling funds and you’ll lose all liability insulation between the LLCs. In other words, if you’re not going to have separate bank accounts for each LLC, then you might as well just run all those businesses in the same entity.
If each LLC has its own bank account, but you keep track of expenses and revenue using a single checkbook, then that shouldn’t be a problem.
Other Visitor Questions About Multiple LLCs
If I have three distinct LLC’s, am I better off having one LLC or Corp own the three or just run them all separately? Thanks
If you’ve already formed 3 LLCs, you’re asking if you should form a fourth to act as a “parent” LLC.
I don’t see any compelling reason to create another entity. If you have an advisor (such as an attorney or accountant) who can articulate a good reason for creating a 4th entity, then you should follow their advice.