Open business account with a partner?

[John Marulanda]

Hello BPs, looking for your advice/help.

Few weeks ago, my partner and I created an LLC to flip houses. Each of us came into the venture with our personal LLCs. The agreement we have is that

I’ll putt all the money (property acquisition, rehab cost, etc), he will handle all construction/project Managment and selling.

My partner suggested to open a bank account for our joint venture for tax purposes. Is it necessary?

To clarify: I already have a business account under my personal LLC and will use it to buy the property.

Thank you so much for your great advice!