Checking accounts for vacation rentals in LLC vs. Personal

[Gala Klein]

I have one vacation rental and looking to add a second property. We currently have an checking account for VRBO/Airbnb deposits that's part of our personal accounts (though it's a separate account). Our state requires getting an EIN to remit taxes for Vacation Rental revenue. We have an LLC and a checking account for the LLC and an EIN tied to the LLC - I guess my question is: should we switch over the deposits to our LLC checking account? The property is not in the LLC.

[Carl Fischer]

@Gala Klein

I'm not sure why you have the LLC. However if you have the LLC you most likely want to separate personal and business liability. You should do it cleanly otherwise the corporate veil can be pierced and no protection is awarded. This is a bigger question for your attorney and/or cpa.