Business Bank Account - Tax ID vs SSN

Hey guys just a quick question...I did a search here and on google to no avail.....
 
I have my food trailer registered as an LLC.....
 
I went to open a business account at the bank and they asked me if I wanted to use my Tax ID or SS number to open the account....
 
I have my regular bank account at the same bank....If I register this account under my SSN I will be able to transfer funds between the two accounts (online,etc)....
 
If I register it using my Tax ID I will not be able to.....Then if I want money in my personal account from the business I would have to write myself a check.....
 
I am asking this b/c I want to be protected in the event someone spills hot coffee on them self and wants to sue me....I want to make sure they can't get into my personal accounts....
 
So should I make the business account using my social or Tax ID ?   thanks guys
 
 

Well I did some more research, and I am going to go with the Tax ID to make my business....It appears in my best interest to keep it separate from my personal accounts and info.

i agree, keep it all separate.
 
I would even go further and set up a Corporation sub chapter S.  Ask an accountant about the benefits.
 
al

yeah, separate accounts. Also if you take credit cards, have a separate account for that only

S- corp or LLC
Better yet >> INC

Lee Weenies


S- corp or LLC
Better yet >> INC

 
The S-Corp is part of the INC,  you form the s-corp after you INC

If you go Inc you will be paying double income taxes and have to pay yourself a check. Any income on your business is taxed and then when you pay yourself you will be taxed again.
 
If you go LLC your filing is based on your ssn. You can pull an account based on your tax id # but when you file it will be on your ssn anyway. As an LLC because it is in your ssn you don't need to pay yourself with a check. It is just a draw from your own money. You will simply pay your income tax once every 3 months or whatever is set-up based on your income.
 
If you want to protect yourself better put all your personal assets in your spouses name. I only own my businesses - my wife owns our house and personal stuff - that is if you trust your spouse and your marriage is secure.

You can elect to do an S-corp after INC not mandatory. Every lawyer I have asked seems to agree you get a little more protection with S. Someone mentioned you must pay yourself when you become INC >>>None REQUIRE you pay yourself a check.