Do I need a business checking account?

[Jimmy S.]

I have 4 rental properties. I just use a separate bank account which is a personal checking account. I do NOT have my properties in a LLC.

Should I have a business checking account or is a separate personal checking account fine? 

[Jimmy S.]

Originally posted by @Jeremy Tillotson:

@Jimmy S. This will be preference, but have you thought about putting your properties in an llc? Then you would need a separate account. I think this is important when it comes to liability now a days.

 I thought about it but seems like a real pain and would not really like to. Changes taxes, bank wont loan as much and just alot more headaches.

My attorney said a umbrella policy that covers over all the properties is just as good as a LLC but with alot less headaches and costs.

Right now I just use a separate personal checking bank account to keep all my rental stuff in, but does it really make a difference if its a checking vs business account?

Thanks