Bank accounts without an LLC

[Jessie Xu]

I'm currently mixing rental transactions with my living expense in the same account. I really should stop doing that, but I'm not in a plan to set up an LLC. How should I properly set up my accounts?

Should I just open a personal account for the properties? What about credit cards? Should I have a dedicated credit card for the properties? Should it be a personal or business credit card?

[Tom S.]

@Jessie Xu  I just use my own SS#.  The checking account isn't even a business checking account, but a separate checking account which is what really matters.  I do have some business credit cards I opened too, applied with my SS# since they largely go off your personal credit for the initial approval.  I have one from Chase and one from Barclays, both of them had good sign up bonuses and both don't report to your personal credit after the initial approval.

For taxes the LLC doesn't matter anyway, it's disregarded and the rental income and expenses all go on Sch E of your personal tax return.

Good luck!