LLC for Money Seperation?

[David Zuber]

Hi Everyone,

I am about to close on my first rental property in a about a month. My business partner and I have been discussing getting an LLC and opening a bank account under the LLC in order to keep our personal finances separate from our business finances, as well as keep taxes simple. We would still leave the property in one of our names (to avoid the due on sales clause) and funnel all income/expenses through the LLC's bank account. To protect our personal assets we plan on getting insurance on the property, along with an umbrella insurance policy for liability purposes. Does this seem reasonable or is there a better method?

Thanks,

David

[Bob Okenwa]

Sounds reasonable to me, but you should also consult with an attorney and CPA just to make sure you are acting in your best interests and the best interests of the business.