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.
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