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Series LLC Checking

metropolitan
New Contributor

Series LLC Checking

I"m having an impossible time getting checking accounts for a Series LLC.  Yes I've massaged and powdered my banker already and it is a no go.  Anyone know for a fact if any bank will open checking for a Series?

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TL
Message 1 of 7
6 REPLIES 6
sccredit
Valued Contributor

Re: Series LLC Checking

Chase had no problem with ours. Our business banker knew exactly what it was and it was super simple to set up. 

Ch 7 Discharge 3/12/2018
Cap One VentureX $30,000, CapOne Savor $5,300, Kohls $3,000, Comenity MC $4,900

California Coast CU Auto Loan $36k 2.48%
Message 2 of 7
metropolitan
New Contributor

Re: Series LLC Checking

That's terrific news.  May I ask which state that you are in?

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Message 3 of 7
metropolitan
New Contributor

Re: Series LLC Checking

Ok so this checking account search has come to a conclusion. BB&T just opened an account for a Series LLC. This works great as I need 2 more and 1 more business account for the AL Series LLC. Oh they are in TN also once I open my Series LLC there I'll use them again. Very friendly people over there. 

Need to work on biz credit for each of the Series now so I can get HD and Lowe's for each entity.  

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Message 4 of 7
URHomeInvestments
Valued Member

Re: Series LLC Checking

We use a holding company which manages the series LLC.  The Holding Company aggregates all rents from our series LLC, and pays all the bills. 

 

Attorney and CPA Mark J Kohler on youtube talks about this kind of structure, if it interests you.

 

We are looking for a new business bank, and I wonder whether you have anything to add about BB&T

Message 5 of 7
metropolitan
New Contributor

Re: Series LLC Checking


@URHomeInvestments wrote:

We use a holding company which manages the series LLC.  The Holding Company aggregates all rents from our series LLC, and pays all the bills. 

 

Attorney and CPA Mark J Kohler on youtube talks about this kind of structure, if it interests you.

 

We are looking for a new business bank, and I wonder whether you have anything to add about BB&T


You are co-mingling funds and could lose your series protection. Which state are you in?

 

I now use NBKC for checking. BB&T/Truist terminated my account after depositing too much money a few days after opening the account--they suck.  I have a separate checking account for each series with NBKC. 

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Message 6 of 7
URHomeInvestments
Valued Member

Re: Series LLC Checking

Our holding company is used as "property management" so its purpose is to gather rents and distribute them. CPA and lawyer set up the structure...not comingling.

I'm in Texas with the main business, with a subsidiary LLC in FL.

Message 7 of 7
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