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In setting up the LLC as a pass through entity and obtaining an EIN, will all income and expenses just be reported on my 1040? I would be the only member of the LLC, but would keep all business accounting separate. I am guessing rentals go on schedule E.

Hey guys,

I'm new here, and I have a question about the way LLCs should be set up and how they are taxed.

I am thinking of investing in a duplex, and renting out both units. When forming the LLC, I am wondering should I form it as a disregarded tax entity since I would be the only member of the LLC? Or should I apply for an EIN, since this way I could separate my personal and business accounts. And when it comes time for taxes, I am wondering which schedule needs to be filled out for reporting income and expenses(Schedule E or Schedule C)?

I feel like a complete newbie, but couldn't find a sure straight answer for my questions through the search.

Please help a less experienced investor!