LLC use of EIN vs SSn

[Lola Brin]

'We are transfering property that is under our name to an LLC. We are planning to use a Special Warranty Deed. We want to continue to use our SSN rather than to get and start filing using a EIN, has anyone had experience if using SSN presence a risk for someone being able to go after personal property outside of the rental since the LLC is tied to your SSN. I would hope with the title under the LLC and a lease would limit your liability to the property under the LLC'.
Lastly, do you really need a separate checking account for each LLC. We have 3 properties. Why couldn't we have one account that we call rentals and maintain a spreadsheet for each property?

[Steven Hamilton II]

Lola Brin,

Here is the issue of still using your SSN after transferring it to the LLC. That is intermingling records. Either the transactions are done under the LLC or they are not. So yes, most attorneys will probably tell you not to bother with the LLC if you still plan to use your SSN. The Title doesn't mean anything if YOU are not treating it as a SEPARATE business that it is. That is where the problem comes.

Also, yes you should have a separate checking account for every LLC in order to keep from intermingling the funds between them.

Summary: If you want to be able to treat it as a separate entity, you must treat it as such.

-Steven