Do I need a separate bank account for my LLC?

Question

I set up an LLC with EIN. I will be invoicing clients soon. Do I need a separate bank account for the business? If so, will checks be written to my LLC's name (XYZ Productions) or to my name?

Answer 1

yes, you need a separate bank account and checks should be written to the LLC.

if you don't do this, what is the point of having an LLC? Your possibly limited liability for incidents and accidents involving the company would be gone because you never treated it as a separate entity.


if this doesn't make sense to you, please consult your incorporation advisor.


g'day

Answer 2

it incredibly is frequently a reliable concept to maintain your person money cut loose enterprise, however the only way i can work out which you would be legally obligated to realize this is that in case you lease the residences and convey jointly safety deposits. In New Jersey the regulation demands landlords who lease fewer than 10 instruments to place safety deposits in economic enterprise bills that pay a minimum of the conventional fee of pastime. Cite: N.J.S.A. 40 six:8-19. each and all of the pastime belongs to the tenant. The regulation not facilitates the owner to maintain any quantity to cover his or her administrative expenses. commingling of money is against the regulation. The regulation now demands that the pastime earned on the deposit could desire to the two be paid to the tenant in funds each and every 365 days or subtracted from the quantity of lease they owe on the renewal or the anniversary of the hire. This could desire to be performed the two whilst the hire is to be renewed or on January 31 each and each 365 days.