2.
Re: LLC Bank Account Question Sep 7, 2008 2:12 PM
+Can you+? Yes.
+Should you+? If this is a sideline/part-time business, it probably won't matter. If you're serious about growing your firm, it might -- because you may eventually need the capability to transfer funds, setup merchant accounts, handle payroll, etc. (services that will require a commercial account). So can't you just open business checking account then? Yes, but it might be easier (and you will probably get better rates on those services) if you already have an established relationship with a bank and banker, and have shared your plans for those stages of growth in advance.
As far as ridiculous fees being the hang-up, I'd say keep shopping -- major banks (including the one that sponsors this site) offer no fee packages for small business that don't have a lot of transactions (most only require that you keep a minimum balance of around $3,000).
A final thought is that a personal checking account is linked to you by your SSN, whereas a business account is linked to your LLC by its EIN. I'm not an accountant or lawyer, but it seems to me that YOU writing a check is not the same thing as YOUR LLC (a different legal entity) writing a check.
Best wishes.
