Legal Question in Real Estate Law in New York

I have 10 LLC's for 10 different pieces of Real Estate that my spouse and I own Jointly. Our property manager has a bank account in which he deposits all receipt and pays all expenses from all my properties and all properties he manages for all other non related people. He accounts for all money separately for each property he manages. Periodically he sends us the "books" for each property. Each is separately accounted for. He then sends me a separate check made out to us for each properties profit.

If one property has a loss and another a profit . He will transfer funds from one property to another, record it as a distribution from one property and an added investment to the other and send the net check as a dsitribution of assets. On rare occasions due to a large loss, I will send a check due to added fund needed to manage the property. This will be sent from my funds and recorded as an added investments.

Is this considered comingling of funds.

Must I open a bank acct for each LLC

Asked on 8/20/18, 3:33 pm

1 Answer from Attorneys

Richard Bryan Richard Bryan Attorney PC

I think as the owner of ten properties you should hire a lawyer and accountant to get you straightened out here.

Good luck.

Read more
Answered on 8/20/18, 9:13 pm

Related Questions & Answers

More Real Estate and Real Property questions and answers in New York