Doing business as?

Sounds complicated, three LLCs???

We are an LLC for our B&B and another LLC for our wine tour business. We just do what our CPA tells us. I would only go with a CPA and especially one that has experience with the hotel/B&B/motel industry. Does your accountant have experience in the lodging industry?

Riki

Thanks for the input.  The scary thing is  we do have the money to do it.  Life is good for us now.  We have enough for a heavy down, about 30% and a good chunk for renovation to begin without running out of money for reserve  expenses.  The husband will continue his consulting business. We will have to sell our residence, which the feds would like to buy because we are an inholding in a wilderness area, (we have another home near the  state capital).  When it sells we could pay the inn off or carry a small loan for the remaining remodel.  We are allowing for expenses on both properties for a couple of years.

As for getting things in writing, we are going by state code.  There is no local inspection, and the county goes by state code.  Our big question is what will be required, and how much to bring it up to code?  Hence the builder and architect. 

I had a specialty retail business which I had for fifteen years. If you want a brutal business try retail.  Oddly, I enjoyed it, and I hear people still miss my shop.  I have dealt with employees, PITAs, marketing, taxes, credit cards, building maintenence, emergencies- -  I got out when elderly parents required more attention than I could give.  Our accountant specializes in small businesses, and we will certainly talk with our lawyer if we do this.

 We think it is in a good location it is about 1/2 hr from the major tourist area in the state, and just off the highway on route to some additional points of interest including a major migratory flight path.  The highway is a designated bike touring route. The lake is no longer stocked because it has a sustaining population of walleye and lake trout. It needs marketing, the p.o.  worked very hard after her husband died to hold business down to what she could handle.  She got it off every chamber and web listing.  The only people who stayed there knew about it and had been picked as her special paying guests.  She  liked researchers,audubon members, bike touring groups, and the generations of families who had been coming there for years.  She believed this was a special place, and we do too-- it's the only reason we would consider this.  

 I was just wondering if anyone else is doing the LLC leasing to LLC, and how it is working for them? 

Swirt,

I've recently been told that I should set up a checking acct as DBA - what are the benefits?  I already have a personal checking account that I use only for my business.  The bank is offering a promotion for business accounts, but I am clueless as to what the benefit would be or if there are any tax reasons I should do it.  Any help from anyone would be greatly appreciated.

I'm thinking along those lines-- I am the original skeptic.  I was hoping to hear feedback from those actually doing it (the LLC to LLC).  I am always thinking outside the box, but I want to be safe and legal.  I just am looking at the real world.   She also told me years back I could not use a credit union for my business account and tax payments.  I found although they did not do comericial loans at the time, they did do business accounts and I was able to do my payroll tax payments too.  I saved a great deal in fees, and for a long time even earned interest on my checking!  The accountants have been very helpful over the years, and they do alot of small businesses (including at least one motel and a b&b that I am aware of).  By the way,I am not interested in doing a restaurant.  The kitchen has been used in the last couple of years for a wedding and a large group dinner, but the property is located just outside of a small town and there is a good family restaurant in town.