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Updated 12 months ago,

User Stats

52
Posts
25
Votes
Nolan Mahoney
25
Votes |
52
Posts

Buisneess savings account or personal savings account?

Nolan Mahoney
Posted

Hello, 

Im starting my first house hack here soon and im debating weather i should sign up for a buisness savings acccount or start a separate personal savings account for my tenants to pay rent to. (im using Avail for property management and as a program to collect rent) I went to the bank today and they said i must use a buisness account for tax purposes and i would need to start a sole proprietorship or an LLC to set up the buisness account, even though the building is going to be owner occupied by me. Is this true what the bank is saying or could i just go to another bank and ask to start a new personal savings account.

Anything helps, thanks!

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