What do I Need to Open a Business Checking Account?
The exact documentation needed to open a business bank account may vary by state or by bank within each state. It will also depend on the type of business structure you choose.
What do I Need to Open a Business Checking Account if I am a Sole Proprietor?
Opening an account for a sole proprietorship is the simplest of all business banking accounts. It carries the fewest requirements, and more banks offer free checking for this type of business than for corporations. Due to laws designed to prevent money laundering and funding of terrorist activities, you will need to prove your identity. At minimum, you will need to take the following with you to the bank when you are ready to open your business account:
• Your driver’s license or passport;
• The EIN (Employer’s Identification Number) issued by the IRS;
• Your Social Security card if you do not have an EIN;
• A fictitious name or dba (doing business as) certificate issued by your state or county if the business name is not the same as your name;
• Business license, if applicable;
• Proof of address, such as a utility bill in your name;
• Funds for the initial deposit required by the bank you have chosen.
What do I Need to Open a Business Checking Account if I am Incorporated?
If you are incorporated, you will need to provide a bit more information to the bank before you can open a business banking account. Typically, you will need to furnish all of the following:
• Articles of Incorporation, sometimes referred to as your Charter;
• Corporate Resolution authorizing you to make financial commitments, if you are not listed as an officer in the Charter;
• Your corporate seal;
• The EIN (Employer’s Identification Number) issued by the IRS;
• Business license, if applicable;
• Two forms of personal identification, such as a driver’s license and Social Security card;
• Proof of the company’s address, such as a bill or letter delivered to the company;
• Funds for the initial deposit required by the bank you have chosen.
All authorized signers on the account will need to furnish proof of identity, so if you plan to allow anyone else to sign checks, be sure they have their ID with them.
What do I Need to Open a Business Checking Account for a LLC or LLP?
A Limited Liability Company (LLC) or Limited Liability Partnership (LLP) requires many of the same documents as a corporation. When you are ready to open your business account, you should take:
• Resolution, for a limited liability company, or the partnership agreement for a limited liability partnership;
• Business license, if applicable;
• The EIN (Employer’s Identification Number) issued by the IRS;
• Two forms of personal identification, such as a driver’s license and Social Security card;
• Proof of address for the LLC or LLP, such as mail received;
• Funds for the initial deposit required by the bank you have chosen.
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