Business Account vs. Personal Account

[Account Closed]

I will be closing on my first rental property at the beginning of November, and the purchase was made with two partners. We have talked about the possibility of forming an LLC, but are leaning towards not forming one.

My question has to do with the type of checking account we should look at opening - a business account or a personal account. Any recommendations? If we were to go with a business account, but not form an LLC, what type of entity would we need to look at forming?

Thanks in advance for the help.