LLC and Banking account

[Viron Hale]

Hello BP family,

I just started my LLC and now looking into setting up a bank account. I'm going to use a local bank, my question do I need to set up a business bank accou

nt or can I set up a personal account for my LLC ?

The research I've looked up states that I only need "separate account from you business".

Any help would be greatly appreciated.

[Justin R.]

@Viron Hale First and foremost, talk to an Attorney and CPA.

There are Very Stringent requirements on accounting, you don't want to get caught up in litigation only to have your "Corporate Vail " pierced.

This doesn't just mean creating new accounts, this is separating your income, expenses, owner contributions, and owner withdraws. No co-mingling of funds. Even with great accounting,a single person LLC had limited asset protection.

Talk to your attorney and CPA.