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.
Kelsey Sheehy
By Kelsey Sheehy 
Updated
Edited by Ryan Lane

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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.

LendingClub Tailored Business Checking

This business checking account pays you two ways: You’ll earn unlimited 1% cash back on qualifying debit card purchases and earn 1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that. LendingClub business checking has a $10 monthly fee, but it’s waived if you maintain a minimum balance of $500.

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 unlimited electronic transactions, 200 non-electronic transactions (checks, deposits, etc.) and up to $7,500 in cash deposits per month for no additional fee. 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 ($16; multiple ways to waive) 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.

Best Banks for Small Business
ProductMonthly feeAPYMin. opening depositLearn more
Axos Bank® Basic Business Checking

Basic Business Checking

NerdWallet Rating 
5.0
Learn more

at Axos Bank®

$0 N/A$0
Learn more

at Axos Bank®

Grasshopper Business Checking Account

Grasshopper Business Checking Account

NerdWallet Rating 
4.5
Learn more

at Grasshopper Bank

$0 2.25% 

With $0 min. balance for APY

$100
Learn more

at Grasshopper Bank

Chase Business Complete Banking℠

Chase Business Complete Banking℠

NerdWallet Rating 
4.5
Learn more

at Chase

$15.00 

Waived with $2,000 minimum balance

N/A$0
Learn more

at Chase