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How to Open a Business Bank Account

How to open a business bank account? Is a question we have all had to ask ourselves when starting a business. It is essential for any new company but with so many choices it can be very difficult to determine just what account you should be getting. Here I will show you how to set up a simple business bank account quickly and easily.

Documents and Other Requirements for your new Business Bank Account:

First when opening a new business bank account you need to collect all your required documents. The requirements for opening a bank account differ according to your business, whether it is a llc, corporation etc… Here is the basic information that a bank will require if you are a small business looking to open a business checking account…
Employer ID Number – Your employer ID number or (EIN) also know as a taxpayer number is required when registering a business account. The taxpayer ID number is on your SS-4 application from the IRS.

  • Customized Corporate Seal – Available from your accountant in your corporate book
  • Corporate Resolution – Shows you a an authorized person to execute the companies wishes
  • Certificate of Incorporation – Received from the secretary of state
  • Photo Identification – Drivers license or passport will work
  • If you are not a corporation and are a sole proprietor you will require your business registration documents including your business license, certified copy of business name and your social security number.
How to open a business bank account

How to open a business bank account

What is the Right Bank Account for Your Business?

There are many business checking account options whether you are a start up or an established business. What package is right for you depends on several factors…

– Number of transactions per month
– Average and minimum balance
– Additional services you require ie overdraft protection

How to Open a Business Bank Account Online…

There are 3 ways to open a business bank account.
1. Open an account online
2. Open an account in person at a branch
3. Open an account over the phone
For online applications the steps are as follows…

  • Compare business bank account (link to other page)
  • Organize all documents required based on your form of business
  • Visit the website of the chosen bank and submit an application

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