Separate Accounts vs. Sub-Accounts
How you set up Cash Management depends on who legally owns each property.
If your properties are… | Set up… | Tax forms |
Owned by different LLCs or entities | A separate Cash Management account for each entity, each with its own application | A separate 1099 for each entity |
Owned by the same person or entity | One account, with a sub-account for each property | One combined 1099 |
Sub-accounts always share the main account’s owner, legal name, EIN, and 1099. Naming a sub-account after a different LLC doesn’t make it part of that LLC.
Opening an Account for an LLC
Have the LLC’s legal name and EIN ready.
On the Cash Management page, apply for a new account in the LLC’s name.
Repeat for each LLC you want to keep separate.
Important: Enter the LLC’s legal name and EIN exactly as they appear on its legal documents.
Adding Sub-Accounts for Individual Properties
On the Cash Management page, click the three dots (
⋮) in the Actions column next to the account.Select Add Additional Account.
To link the account to a property, click Edit Account and choose the property.
Directing Tenant Rent to the Right Account
Set up each lease so rent goes to the account for the entity that owns that property. Payments can’t be moved to another account or LLC after they’re received. If all rent goes into one account, it stays with that account’s owner for tax and tracking purposes.
Updating Account Details
Some account details can be updated if you provide the requested documentation. Contact our support team to update:
Business name, for example after an LLC name change
Account owner
Our team will let you know which documents are needed for your specific change.
Personal accounts can’t be converted into LLC accounts, and business accounts can’t be merged into personal accounts. To move from a personal account to an LLC account, open a new account in the LLC’s name (see below).
Switching From a Personal Account to an LLC Account
Open a new Cash Management account in the LLC’s name.
Move your funds to the new account, and update any leases so rent goes to it.
When the personal account is no longer needed, contact our support team to close it. Before you reach out, make sure:
The account balance is $0.
There are no pending transactions, transfers, or rent payments.
You have the last four digits of each account you want to close.