Q: Must I have a 'Business Account' at a bank for my Single-Owner-LLC...or could I set-up a separate 'Personal Account'?
(That way I will make sure NOT to co-mingle the Business and Personal monies, eh?)
A: There is no law requiring you to establish separate business and personal accounts for your business and personal finances. Nonetheless, you should do so for the reason you cite, to avoid co-mingling. You should also obtain or dedicate a single credit/debit card for business purchases. Finally, set up an accounting program for your business that lets you link your bank account and credit card to the accounting program. Quickbooks online is the dominant program. A free accounting program that I like is Waveapps.com. That way, the bulk of your accounting work is done for you.
A: I agree. While not legally required, it is crucial to separating yourself from your corporate entity. While a separate "personal account" could probably be defended as not "co-mingling" if you keep stellar records, it is easy to maintain an independent business account to ensure no hint of co-mingling. Plus, it provides added benefits, such as streamlining accounting, payroll and distributions, tax preparation, and can help you to establish business credit. Further, always remember that corporate checks / debit cards will have the company name on them, whereas, an independent personal account would not. Your LLC is not just a shield against personal liability, it is a vehicle to establish credibility and hopefully branding in your community. Hope this helps.
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