New to Real Estate · Olive Branch, MS · Member since 2020 · 27 posts · 4 votes
What are the advantages of using a Business Bank Account for your rental property's holdings? Are there any?
I understand that you have to have an FEIN to open a Business Bank Account, but do you have to have your property titled to an LLC or other business entity in order to use a business Bank Account?
Rental Property Investor · Springfield, MO · Member since 2020 · 120 posts · 96 votes
5y
@Brandon Chandler No, you do not have to have a certain legal entity to start using a business bank account. As a sole proprietor or, you can use a business bank account. It’s essential to keep business and personal expenses separate for tax purposes.