So you want a LLC or Corp. Here is one pitfall that I experience when getting checks made out to my Corp that I thougt I would share and ask for help solving.
My accounts are at Bank of America and I have known the loan officer for years. When I had better credit I had 5 loans with the same bank but different name years ago. I finally close on my rehab and am excited about the title companies check for $22,000. Off I drive to Compass bank to get it cashed or get a cashiers check so I can deposit at Bank of America without a 5 day hold on all but $100. My account was already overdrawn and this does not hep the problem of course. Compass Bank would not even give me a cashiers check and no way to cash it even with all the corp documents with me. They sent me to BOA and said that if I got a signature guarantee that they would then give me a cashiers check. I had already learned that BOA will give only $5000 instant credit which also means I could get that much cash back too on cashiers checks and put a 5 day hold on the balance.
To make the 3 hour ordeal seem short I get back to BOA with the cashiers check and BOA says no cash back because the account is overdrawn. I finally get my loan officer to approve the $5000 cash back but she acted like it was the biggest favor she ever did anyone in her life.
This may be too much info but just wanted to let everyone know the banking problems I encountered. I was told that because of high fraud rates and fake computer generated title company and cashiers checks that all banks are extra cautious.
I did learn that Compass would have given me $8000 cash back and no hold on their customers funds if I started an account there. Maybe I should have just opened an account there and Wells Fargo and Chase and First State etc etc. as well. Any other ideas?