Business filing and bank accounts for partnerships

[Brad Norris]

Hey BP Nation,

Longtime viewer, first time poster.

My partner and I just closed on a duplex in Chattanooga, TN. I currently live in Chattanooga and my partner lives in Portland, OR. We're wondering the best way to set up our business for banking and tax purposes. I know having a LLC/LLP would not offer a lot liability protection as the property is titled in our personal names. However to set up a business account we have to have a "business". Can we just use our partnership agreement? Do we have to file it with the state first? Can we just use a separate personal checking that we both are signers on for the rental business?

  Also, what's the best way for taxes, should we set up an EIN to file or can we split (50/50 partnership) the profits/loss on our individual returns?

Thanks in advance!!

Brad Norris and Tip Lee