Since your LLC is considered a separate entity from you, an individual – you’ll want to establish a bank account solely for your LLC, with a means to distribute checks or pay by credit. Keeping your personal assets from that of your LLC is a must, as you will want to keep a separate accounting record for your business for legal reasons.

About Bank Accounts, Credit Cards, and your LLC

Since the main benefit of filing is to separate your personal assets from that of your LLC, you will want to create a separate bank account and establish a credit card for your LLC as soon as possible.  Additionally, you’ll want to separate all of your expenses and income statements, as well.

What Kind of Bank Account Should I Get for My LLC?

Any local bank (preferably a well-known national branch) will provide you with a business bank account, capable of checking and credit card processing. Note that you will need to specifically ask for a small business checking account, using your LLC’s own tax ID, since it is considered a separate entity. As with all bank accounts, the account should require a minimum balance to open. The balance you’ll put into it will be from your own funds, and will not be tax deductible (nor will any funds you put into your LLC from your personal savings).

What’s a Good Credit Card to Use for My LLC?

While there is no ‘right or wrong,’ you should still look for the best deal on business credit cards as they may have special limited-time promotions. As you already know, different cards come with different perks – Discover cards offer cash-back rewards, while other sponsored cards may offer frequent flyer miles or other perks. Personally, I always stick with Visa cards, as they are the most internationally accepted card, where MasterCard may sometimes fall short.

Where to Go Next: LLC Accounting | LLC Taxation | LLC Registration