Called a "chart of accounts" Under Apple LLC you have your account codes, assets, liabilities and capital, payroll, drawing, etc. those codes might be from 100 through 600, then you have Orange Tree LLC, same thing, but their codes begin at 601 and go to 1100, Fuzzy Bush LLC goes from 1101 to 1600, etc. 

Also, before suggestions are made to just get an umbrella insurance, I am also using LLC to create a partnership so need LLC not just for liability coverage. 

Not everyone wants control or the liability that goes with it.  

@Albert Ng You have created a huge liability for yourself by posting this message.  

The reason DR says to pay off your smallest debt first is so you can "feel the small win" of paying off debt, which is geared toward the person with a bunch of personal liabilities that doesn't know where to start.  

Also, IL allows series LLCs where GA might not - check into that.Conventional wisdom holds that properties be held in LLCs while income should be processed through an S-Corp.You'll want to get hold of a tax attorney who understands structuring business entities for purposes of controlling tax liability as well as protecting assets against liability due to lawsuits and other issues.

You also need to be mindful of risk and leverage in the real estate game and many people have very little plan here on how to handle contingent liabilities, etc.  

I am looking to purchase my first property and I was wondering if other than the liability aspect, if it is necessary to register as an LLC? 

Your tax liability should start March 2015, period.  

The people who hire multiple CPAs have millions in net worth or are running big businesses.A CPA will advise you on the tax and accounting side of the structure whereas a lawyer will advise you on the legal and liability side of the structure.