Hello I am relatively new here on the forums and still getting everything ready to start land investing. I understand that we want to separate our buying arm, and our selling arm of our businesses, I’ve already formed and LLC that will act as the selling arm of my business, and a DBA that will act as the buying arm of my business, my question is, should I form a separate business account for both entities (LLC and DBA) or should I just stick with the one business account for my LLC.
Any feedback and suggestion would be much appreciated!
@rphil99 I run both the buying and selling arm under the same business bank account (the name of my LLC). The DBA is really just there as a marketing tool so you can draw some distinction between the two functions of your business, even though everything is still happening under the same entity.
@retipsterseth My only worry is doing business under my buying arm (my DBA) and sending checks that have a different name on them. How do you deal with this?
@rphil99 I just put my actual LLC name on all checks and send them out if/whenever they’re needed. I’ve never had anyone ask questions about this, and I’ve definitely never had this lead to any issues that killed a deal.
@aerielandco I’ve heard a lot of people like Mercury Bank because everything can be done online. I have no first-hand experience though, so I can’t vouch for them personally. I’m sure @Jarenb7 could weigh in, though. I believe he uses them.
I use Chase Bank for all of my business stuff and they have been pretty solid through the years.