LLC / Business Checking Account on First Property?

[Joshua Sun]

I was wondering if it makes sense to open up an LLC after closing on a first property?

Or would it be okay to simply open up a separate checking or business account to keep track of taxes at first. 

Do you even need an LLC to open up a business account?

[Frank Chin]

For the first several properties, you don't need an LLC. I have a separate checking account for rentals to deposit rent payments, and pay rental expenses. You don't need a business account. If you open one, you'll have to form and provide the name of a business entity ranging from a DBA, LLC, or S Corp, C Corp. all requiring paperwork showing it's formation.