Banking and Formation of a LLC

[Shane Colar]

I'm forming my LLC, and I'm looking for advice on how to make sure I'm legally protected. Is a LLC the best type of corporation to form? Also, I want some advice on who to bank with and which kind of account I would need. Please one at a time lol.

[Natalie Kolodij]

Originally posted by @Shane Colar:

I'm forming my LLC, and I'm looking for advice on how to make sure I'm legally protected. Is a LLC the best type of corporation to form? Also, I want some advice on who to bank with and which kind of account I would need. Please one at a time lol.

That's a question for your attorney and your tax pro as your circumstances personally will determine the answer to both. 

I will say a huge mistake many investors make is piercing their own corporate veil. IE: Buying business items out of their personal bank account, or vice versa. As soon as you intermix your LLC protection basically goes away.

Also, If you're doing rentals- general rule, never in a C or S corp.