LLCs / Seperating Finances / Spending Cash Flow
I have 2 rental properties. I have an LLC. My LLC has a business checking account. All of my spending and rental income flow through the LLC business checking account. However, none of the rentals are owned by the LLC. They are all still deeded to me (because I can't figure out a truly better option to owning them that isn't violating some kind of clause/agreement/law/etc).
I set the finance structure up this way, because I wanted to keep the finances clean.
Please provide general comments, pros/cons, etc to this strategy. Also, if you could answer these 2 questions, perhaps:
1.) Am I allowed to withdraw money from this business checking account (to make use of my cash flow) or is that considered intermingling business with personal finances? The whole purpose of investing for cash flow is to use it, so I hope so!
2.) Am I setting myself up for trouble when it's tax time? Am I adding tax complexity of a business without any added asset/legal protections of a business?
Please help a new investor! Thanks in advance for your help!
Sincerely,
Rob