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Updated almost 6 years ago on . Most recent reply
Banking and Formation of a LLC
I'm forming my LLC, and I'm looking for advice on how to make sure I'm legally protected. Is a LLC the best type of corporation to form? Also, I want some advice on who to bank with and which kind of account I would need. Please one at a time lol.
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Originally posted by @Shane Colar:
I'm forming my LLC, and I'm looking for advice on how to make sure I'm legally protected. Is a LLC the best type of corporation to form? Also, I want some advice on who to bank with and which kind of account I would need. Please one at a time lol.
That's a question for your attorney and your tax pro as your circumstances personally will determine the answer to both.
I will say a huge mistake many investors make is piercing their own corporate veil. IE: Buying business items out of their personal bank account, or vice versa. As soon as you intermix your LLC protection basically goes away.
Also, If you're doing rentals- general rule, never in a C or S corp.
