Separate business, separate everything? - Posted by Nikki Lewis

Posted by Nikki Lewis on April 17, 2002 at 24:27:22:

I have been told that it is wise to buy properties in separate business names. I have done this with the two that I own but would like to know if I need to set up separate business banking account and separate booking as well. If I have 20 properties this will be rather daunting. My lender pays me my draws in the name of whatever business the property is set up in, which has led me to ask this question. Is there a way around this? Can I use one bus. bank account for all of these businesses and can I tie all of my bookkeeping in together?
Please help.