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I currently own 14 single family rental properties (in MN)

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in my own personal name...
I currently own 14 single family rental properties (in MN) in my own personal name. I have a 3 million dollar commercial/personal liability policy to cover me. I've been considering protecting my self further by creating a few LLCs and putting a handful of properties in each. I understand that the "best" way to do this is to create one LLC for each property. But doing this would cause me to file 14 different LLC tax returns which can get a bit expensive (using my CPA). I'd need to also create 14 different business accounts/credit cards which makes everything a bit complicated.

Below are a couple questions (that may lead to more):
1) Can I create a series LLC so that each property has it's own LLC but I only file taxes under one LLC and use once credit card and business account?

2) Can you direct me to a good book that would pertain to how I should structure LLC.
Submitted: 6 years ago.Category: Business Law
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2/22/2012
Business Lawyer: Fran-mod,
 replied 6 years ago
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Customer reply replied 6 years ago
I'm still waiting.
Business Lawyer: Fran-mod,
 replied 6 years ago
Sometimes, finding the right Expert can take a little longer than expected and we thank you greatly for your understanding. We’ll be in touch again shortly.
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Business Lawyer: Richard, Attorney replied 6 years ago
Richard
Richard, Attorney
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Satisfied Customers: 56,720
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Good morning. If you are going to own these LLC's 100% by yourself, then they are single-member entities and you don't have to have each of them file their own tax return. Rather, you can simply report them on Schedule C's to your own Form 1040. You will, however, under any circumstances need to have separate accounts for each entity to preserve their separate entity status.

 

 

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Customer reply replied 6 years ago
If I do a single member LLC do the checks written to me for rent need to be made out to the name of the LLC or could they be written out to my personal name? Just trying to determine if I need to open up a business account for each LLC or if I can just use a standard checking account.
Business Lawyer: Richard, Attorney replied 6 years ago

You don't want the checks written to you personally because you want to respect the sanctity of the entity as a separate entity. You will want to open up a separate account for each of the LLC's so that someone could not later "pierce the corporate veil" by alleging that you weren't respecting the fact that each entity is a separate entity.

 

 

Richard
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Customer reply replied 6 years ago
That's what I thought - thanks!
Business Lawyer: Richard, Attorney replied 6 years ago
My pleasure! You take care!
Richard
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Customer reply replied 6 years ago

I was talking tonight to a fellow investor who owns 7 properties. He told me that he has all 7 properties in a single member LLC and these LLC "report" up to another LLC and all the money is taken in and out of this one account. When he files taxes he still need to seperate them on his taxes but he is only using one account. Can you briefly describe how this can be done? Something like this may work for me.

 

Business Lawyer: Richard, Attorney replied 6 years ago
You can create a series of LLC's all under the umbrella of one master LLC. This will work pretty much the same way. You can set yours up this way...you will want to engage counsel to help you with the Operating Agreements and the formations, but it's easily done.
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