How to Open a Joint Bank Account With a Business Partner
If you’re starting a small business with a partner, then a joint bank account can help simplify your finances.
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Managing Editor Opening a joint business bank account is relatively straightforward — you and your business partner choose a bank, gather the necessary documents and apply.
Taking this step can make sense if you and your partner (or partners) share responsibility for your company’s finances. All parties will have equal ownership of the business bank account and can make deposits, withdraw money and conduct maintenance.
While sharing an account can streamline bookkeeping and promote transparency among partners, it can also create issues if your business fails or one owner mismanages the account. Here’s what to know about opening a joint business account, as well as potential small-business banks to consider.
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Banks that offer joint business accounts
Most business banks support joint accounts, but a few popular online-only options — including Bluevine and Found — do not. Bluevine business checking does allow you to add authorized users who can access the account, manage payees and schedule transfers, among other tasks.
To choose the right joint account for your business, consider your needs and ensure account features — like transaction limits, ATM access and customer service — fit them. Here are some of the best business checking accounts that allow joint ownership.
Axos Basic Business Checking
Axos Bank’s free business checking account offers two features you rarely find with business bank accounts: 24/7 live customer support and unlimited cash deposits (via compatible ATMs). You also get free ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.
Chase Business Complete Banking
Chase Business Complete Banking® is a great option if you want to open a joint account with a brick-and-mortar bank without sacrificing the digital tools found with many online banks. The account comes equipped with Chase QuickAccept, which allows you to accept credit card payments with the Chase mobile app (additional processing fees apply).
You’ll also get 24/7 live customer support and a generous overdraft policy that includes a 24-hour grace period on some overdrafts. There is a monthly fee ($15; multiple ways to waive) and a cap on cash deposits and in-person transactions.
Bank of America Business Advantage Fundamentals
Bank of America’s entry-level business account includes up to $5,000 in cash deposits each month. While non-electronic transactions are capped at 20 per month, electronic debits, debit card transactions and checks deposited electronically don't count toward that limit. There’s also a welcome bonus and the potential for loyalty perks, like cash-back boosters on Bank of America business credit cards and a higher APY on select savings products. The Bank of America Business Advantage Fundamentals account does have a monthly fee after the first 12 statement cycles ($16; multiple ways to avoid) and a minimum opening deposit of $100.
Who can open a joint business account
Any business with multiple owners, including partnerships, corporations and multi-member LLCs, can open a joint business account. Doing so can have several benefits, but also some drawbacks.
Pros
Easily track and categorize business transactions from one account.
Get full picture of cash flow and reserves.
Access additional FDIC insurance coverage; up to $250,000 per depositor/account owner.
Cons
Risk of account misuse; can’t set permissions for account owners.
Jointly held funds can be seized to satisfy debt collection on either partner.
Complicates dividing of assets if the business fails.
How to apply for a joint business bank account
The requirements for opening a joint business bank account vary slightly from one bank to he next, but most applications request the following documents and information:
- Personal information: Most business bank accounts require that each partner who has at least a 25% stake in the company supply personal details, including Social Security number, date of birth, phone number and home address. Simply providing this information does not make it a joint account, though; to do that, all account owners will need to sign the application either electronically or in person, depending on the bank.
- Business information: This includes the date your business was formed, as well as its legal structure, Employer Identification Number and annual revenue.
- Business documents: Banks will want a copy of your company’s governing documents, including any ownership agreements and formation documents, along with your business license if one is required where you operate. If your business has a trade or DBA name, you’ll need to provide that documentation, as well.
Most online business checking accounts — and a few brick-and-mortar banks, including U.S. Bank and Bank of America — allow you to complete all verification steps online. But many brick-and-mortar banks require an in-person visit to apply and open a joint business account.
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