With the bank--
LLC owns Real Estate X free and clear. LLC takes out bank loan against value of Real Estate X. The bank loan is issued to LLC. I have to sign for LLC. DH has to sign for me. DH has no connection to the LLC whatsoever. DH is cranky, and I'm cranky as well.
With a credit card--
LLC has been in existence for 4 years. (Statistically speaking, most go under before that.) LLC possesses $y in real estate assets and brings in $k in annual revenue. I tried getting a Lowe's store credit card in LLC's name, and with me as the guarantor. The LLC was denied due to my lack of revolving credit.
Lessons brought away from it---
(a) I try to keep "me" and "the biz" separate, but the credit card companies and the banks make it impossible.
(b) DH tries to keep very far away from the biz, but it's equally impossible.
(c) I've never tried getting a formal business card, since my spending patterns don't match their bonus categories, and I got soured on the Lowe's decline. But I have delegated a personal credit card for biz spending, and there haven't been any problems with that, unless you happen to go for a card that specifically prohibits it
@Ikarus, with my LLC, I fill out a Schedule E on my federal income taxes. My accountant takes care of the tax stuff, so I don't know the details personally. But since I bring in less than a particular threshold in Texas, I don't have to pay state franchise tax; I don't sell anything that is sales taxable; and there is no state income tax. WA or IL is going to have its own batch of tax issues. If it was me, I'd ask for my attorney's view and then I'd have a separate conversation with my accountant.