LLC in Philadelphia PA

[Nathan J.]

Hi there, 

I am sure this is old hat to many of you. Would love to understand important points in setting up an LLC in Philly. My goal is purely to protect my personal assets from lawsuits that may occur with rental properties that i have in Philly.

1) Is there an advantage to setting up the LLC in Pennsylvania vs another state?
2) Is it important to set up an operating agreement for the LLC. Who does that?
3) Does the LLC need to have separate bank accounts. Or can it pass through to my accounts.
4) Given the goal is to protect my personal assets, i would put multiple properties into one LLC. Is that sensible?

Thank you in advance