Banking Issue?? 1st 2 SFHs in my name, versus LLC going forward..

[Michael Pouliot]

Hello All,

I have purchased my first two rental properties in my name, but have since decided to operate my business as an LLC going forward for liability reasons. Therefore, future properties will be purchased under the LLC I just created. Based on where the properties I have purchased are located (PA) I would be required to pay a significant transfer tax to move them into the LLC at this point. So lets assume that optionis off the table and that I will not look to sell these properties either.

So I am trying to figure out the best way to handle the banking side. My thinking is that I need to create a set of business accounts using my name as the owner and flow my income/expenses on these first two properties though those accounts and then have a separate set of accounts for the LLC activities related to any new properties. This also adds some complexity to the Quickbooks tracking of my business as well. My worry is that is I commingle the banking activities and the 2 rentals I have in my name with the LLC I have potentially negated the benefit of creating the LLC if/when I am sued down the road.

I think this must be something others have come across and I would really appreciate suggestions on making this a bit simpler.  Also, anything else I will need to consider here that I have missed?

Thank you all in advance.