LLC Two Bank Accounts?
I am just in the process of having our attorney draw up a LLC for our 4 rentals (two rented and two about to be) for the wife and me. She (the lawyer) told us we need two bank accounts..one for the security deposits and one for the rental income/out etc. She also said to start the account with my wife placing at least 65% of the account start up monies in to give her control of the LLC as this could really help us if we need a SBA loan as my wife being a woman would be considered a minority (even though she's white) and get more money and a better rate. Any of this sound familiar?....I'm all for giving the wife control as we've been married 22 years so the Big D is a non issue but the two accounts seems a little excessive but in the end I'll go with what my attorney tells me but I thought I'd throw it out to the board.
Some states are very strict on how security deposits must be handled. I'd go with what your attorney says. That is why you pay her the big bucks.
I have no idea bout the SBA loan so you're out of luck there....