Hello @kurthjulie,
To answer your second question, I would definitely recommend opening up a business bank account specifically for the new LLC. Also, I would recommend paying for any expenses through the business bank account/business credit card. This will allow you to keep track of the business expenses and avoid any commingling of personal/business expenses. If you have not already, you will need to acquire an employer identification number (EIN) from the IRS in order to obtain a business bank account. You can do so at the link below:
Link: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-n...
Second, since you are a single member LLC, you are considered a disregarded entity by the IRS for tax purposes. What this means, in layman's terms, is that you do not have to file a partnership/tax return for the LLC. You will report all of the income and expenses from the LLC directly on your individual income tax return, Schedule C.
Thanks,
Taylor, Tax Attorney, 12 Years
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