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Accounting & Bookkeeping & Small Business Forum
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| Posted: Sat Jul 24, 2004 4:53 pm Post subject: New LLC for rental properties/real estate |
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We have purchased 7 rental properties in the last 12 months. We had 3 in 2003 and filed Sched E on our taxes. We just filed with our state to start an LLC for our rental business. I have kept my books on QuickBooks and have always kept separate checking and credit card accounts for business purposes. Do I have to start new books now that we are an LLC? If not, do I just continue with what I started? (The properties will be deeded over soon). HELP!!!!
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Guest
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| Posted: Fri Jul 30, 2004 12:26 pm Post subject: RE: New LLC for rental properties/real estate |
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| When you created the LLC, you created a NEW entity with a different EIN. Accordingly, you'll need to start the books for the NEW company as well. I hope that answers your questions. |
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Guest
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| Posted: Sat Aug 28, 2004 1:04 pm Post subject: RE: New LLC for rental properties/real estate |
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I am assuming you will be contributing the new properties to the LLC.
I would highly recommend that you start a new set of books as the legal ownership of the old properties is now in the hands of the LLC which is a separate entity from you as individuals. You will need to open up a bank account for the LLC, as again it is a separate legal entity. Make your start date the date identified in the LLC operating agreement.
Hope that helps.
Regards, Beth Long |
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