When To Open A Bank Account For Your LLC?

[@ClintCoons]

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[@Bitnative]

YES. You will miss opportunities if you don’t. Lines of credit is the first thing that comes to mind.

[@cesterly4668]

Clint why do you never talk about nonbusiness LLCs? There are people who utilize LLC for privacy overall, and to only hold outright owned assets. no money, no banking, no income, no taxes so naturally never going to go to the government and apply for an EIN. Please do a a followup video on this llc and bank accounts since you only narrowly talked about investors, land lords..nothing to do with the common man using LLC entity for privacy and hold assets.

[@ClintCoons]

Noted. Thanks for the idea.

[@metarinpoporitabiop]

WOW. Very helpful! Especially the body language part that nobody else on KZbin talk about. GREAT INFO as usual.

[@olres77]

Thanks 😊! It was very useful

[@ClintCoons]

Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/m0s

[@christiandantas1315]

Clint, how would structure bank accounts for land trusts? Bank account under trustee or beneficiary?

[@ClintCoons]

Great question! I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/m0s

[@tylerdwashere]

Love your content Clint! Can you help with a question? If I have a WY LLC, and set up a business bank account with EIN with my home address in another state... in what state does my tax liability fall for that business? Would I need to use a WY reg agent address for banking/is that even possible?

[@ClintCoons]

You will pay taxes in the state where you reside. If you set up a WY LLC to hold investments and you live in California then the income generated from these investments (event if held in a WY bank account) are taxable to you in California.

[@kimberlindy]

But you still need child LLC level bank account for each LLC to pay property taxes/HOA fees/ect?

[@ClintCoons]

Not necessarily. You can run it through a management LLC or the holding LLC if you have great bookkeeping.

[@ROSADIANA-DSB]

My issue is what do I need to get a bank account for a sole proprietorship. I was asked for articles of incorporation in order to open a bank account when I went to boa.

[@ClintCoons]

Yes, you do if you are opening a bank account for a disregarded LLC.

[@TAWNishMedia]

This is timely. Where is blue box bank account set up if using a PM?

[@ClintCoons]

The blue box will always need a bank account.

[@TAWNishMedia]

@@ClintCoonsI didn’t complete my thought. 😊I was thinking about a WY holding LLC.

[@urbantraxx3756]

Hi Clint I have a question is it recommended to set up a management company for layering protection? .. for example where I have the holding company to hold equipment and colpany vehicles but have another llc that doesn't own assets but rents equipment from the holding company to fo business with the public?

[@ClintCoons]

Yes, that works. Keeping the equipment separate protects in the event of a lawsuit against the business.

[@ErnieHeyek]

This is really great information!! Question I have is, if I set up a WY LLC, and I am in TX with an LLC for each property (or a series LLC) Wont I be paying taxes to both states for all the LLCs? Why not just the one series in TX?

[@ClintCoons]

No. WY does not tax the income.

[@the_om_project]

Can you talk about off shore companies that are disregarded into a US LLC? I’m interested for crypto and accessibility of non US exchanges and how to pay tax on that. Also possible international homes.

[@ClintCoons]

I appreciate your interest in the topic! I'll definitely consider covering that in a future video.

[@the_om_project]

@@ClintCoons I’m also interested in business credit cards. Can I have one for many ventures if they are all disregarded entities or is separate better? Can they be biz cards in my name or do they have to be in the business name? Future vid is welcome.

[@Juganhut]

Great info. Question: If we have the "Wyoming" company and child Florida LLC, and a management company for rentals, who/what bank pays the property taxes/HOA fees/ect? Would that be at Wyoming level or in this case would we need a child LLC level bank account?

[@ClintCoons]

Child level

[@Juganhut]

@ClintCoons Thank, we were just recommended we do FL land trusts with WY LLC as benificiery, and another WY LLC as trustee. I asked around banks and they seem to not want to open accounts for the land trusts. Any way to stay private and protected and get bank account for land trust?

[@CianTv1]

If I have 3 rental properties each in its own LLC, if I have a separate Turo business (that doesn’t own any cars and I try to not keep a lot of money in there because it’s a operating company), couldn’t I turn the Turo business into a general rental business where it rents out cars but also leases out rental properties for those other three businesses? Is it possible for me to sign some kind agreement between the rental business and the 3 LLCs so that the rental business could rent out their property and then just collect all the money in that one general rental business and also in the agreement make it so that the rental business is responsible for maintenance so I don’t have to have credit cards for all three businesses and all that? Then just set up automatic payments from rental business to each LLC If so, what is agreement typically called?

[@ClintCoons]

Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss this with my team so we can provide with you an answer that is unique to your situation. Visit: aba.link/m0s

[@AberrantArt]

In scenario 2 where each rental property LLC gets paid, when or why do they need to pay the Blue Box LLC? I currently have the Blue Box LLC as owner of the Subsidiary LLCs but no bank account for it. There are only bank accounts for the subsidiary LLCs. Am I doing it wrong? 🤔

[@ClintCoons]

When you take money out of the subs, it needs to flow through the Blue box. Do not pay the funds directly to yourself.

[@AberrantArt]

@ClintCoons thank you!!! I had no idea. That's critical info, thank you so much for all the great content and knowledge you share.

[@brandonlesco4821]

"wire"

[@Kassandrasson]

Why even draft all those different LLC’s to hold separate properties instead of putting the properties in one LLC with one Wyoming holding company

[@ClintCoons]

If one of the properties causes an injury, then every property in the LLC is at risk.

[@adanam6377]

Clint, the best content . Can I use person bank account for a c-org for real estate?

[@ClintCoons]

What type of investing?

[@adanam6377]

@@ClintCoons Wow, thanks for the reponse Clint. The c-corp is to hold real estate holding. Sorry should have said c-corp not c-org. Many thanks.

[@arsenandreasyan4562]

Well done

[@ClintCoons]

Thanks

[@Mudbug2000]

Thanks

[@Lt_Jordan93]

If I open the bank account for the Wyoming LLC online, to fund it through an ACH transaction; would it remove the anonymity? since the ACH will come more likely from the Wyoming LLC owner’s personal bank account?

[@ClintCoons]

I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/m0s

[@All_Amin]

Set up an LLC in your state and set up the bank account for it in person and fund it with cash, then use that LLC account to fund it the Wyoming LLC bank account online

[@I_dont_know_WTF_im_doing]

Can I use Wyoming LLC for privacy to do commercial LLC business in NJ?

[@ClintCoons]

No it would need to be filed in NJ but you could set up a NJ LLC that is owned by a WY LLC to achieve the privacy.

[@I_dont_know_WTF_im_doing]

@ClintCoons ok, so do open the wyoming llc first, then open the NJ commercial llc second?, going to Wyoming LLC

[@joebessette3383]

Is the PM LLC owned by the WY LLC

[@ClintCoons]

Typically no.

[@joebessette3383]

How do you hide your ownership then?

[@warrior8021]

@clintcoons If I have a Wyoming hold account only, can I use or apply for business credit and use it for other to states to fund or would it be better to just open another LLC in the state that I want and apply for business credit?

[@ClintCoons]

Yes. I have a video coming up very soon on this topic.

[@metarinpoporitabiop]

WOW. Very helpful! Especially the body language part that nobody else on KZbin talk about. GREAT INFO as usual.

[@ClintCoons]

Glad it was helpful!