Hello,I am setting up LLC’s and bank accounts for the park I am trying to buy. One LLC for the park and one LLC for the management company. If tenants take the money to a bank and deposit it, should they deposit to the “Management Company LLC” or the “Mobile Home Park LLC”?Either they deposit it to the management company, then the management company pays bills and places the remainder in the bank account of the park company creating more paperwork. Or should the tenants deposit it straight to the parks bank account and the management company can pay bills out of the parks bank account.What is the correct way? Or if I only have a small 36 space park can I skip the 2nd LLC?Thanks you!
You need 2 LLCs:1. The real estate LLC, which will collect all lot rents and pay all costs associated with the land, and2. The wheel estate LLC, which will collect all mobile home rents and pay all costs associated with the mobile homesYou do not need a ‘management’ LLC. Have your tenants write two separate checks every month. Own whatever park-owned homes there are in that second LLC. This is both for accuracy of accounting reasons, and asset protection.To your continued success,-jl-