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Checklist: What you need to open a business bank account
☐ Government-issued photo ID (some banks may ask for two).
☐ Home mailing address.
☐ Personal phone number.
☐ Personal email.
☐ Date of birth.
☐ Social Security number.
☐ Employer identification number (if you have one).
☐ Business name.
☐ Trade name or dba name (if applicable).
☐ Business address and phone number.
☐ Business entity type (sole proprietorship, partnership, LLC or corporation).
☐ Date your business was formed.
☐ Industry and type of business you operate.
☐ Sole proprietorships: Business name registration certificate, business license.
☐ LLCs: Articles of organization, LLC operating agreement, business license.
☐ Partnerships: Partnership agreement, business name registration certificate, business license, state certificate of partnership.
☐ Corporations: Articles of incorporation, corporate bylaws, business license.
Requirements to open a business bank account
- Government-issued photo identification. Typically a driver’s license or passport. Some banks may ask for two types of ID.
- Home address. You need to have a U.S. mailing address to apply for most business accounts. Banks typically require a physical address rather than a P.O. Box.
- Personal email and cell phone number. Financial institutions use this information for two-factor authentication. A handful of online business checking accounts are mobile only and require a cell phone number to apply for an account.
- Date of birth and Social Security number. Banks use this information to verify your identity, which they are required by law to do.
🤓 Nerdy TipBusinesses with multiple owners typically need to include personal details and identification for every owner with 25% or more ownership in the business.
- Employer identification number. You may also need to provide corresponding documents from the IRS. Sole proprietors and single-member LLCs that don’t have an EIN may be able to use their Social Security number.
- Business name and trade name or “doing business as” name, if you have one. No official business name? You can use your own name.
- Business address and phone number. You can use your home address if you don’t have an office or a storefront.
- Business entity type. Sole proprietorship, partnership, corporation or LLC.
- Date your business was formed. If your business is registered with the state, use that date. If not, use the date the company was founded.
- Industry and type of business you operate. Certain types of business — such as gambling, cannabis and adult entertainment companies — cannot open a business account with most banks.
- Sole proprietorships. Business name registration certificate, business license.
- Partnerships. Partnership agreement, business name registration certificate, business license, state certificate of partnership.
- LLCs. Articles of organization, LLC operating agreement, business license.
- Corporations. Articles of incorporation, corporate bylaws, business license.
Why open a business bank account?
- Simplify tax preparation: Using a business bank account also makes it easier to file your taxes. You won’t need to untangle business and personal expenses — that’s already done for you. And many business checking accounts integrate with popular business accounting software, making it easy to categorize expenses and identify deductions. Some business checking accounts for freelancers also have built-in tax planning tools to help you estimate and file your self-employed taxes.
- Protect personal assets: Your business’s legal structure — if you’re an LLC, partnership or corporation — can shield your personal assets in a lawsuit. But mixing business and personal assets can jeopardize that protection. Using a business bank account for company transactions helps preserve the legal distinction between you and your business.
What to look for when opening a business bank account
No restrictive limits
Useful, attainable perks
Waived with $2,000 minimum balance
Requirements to qualify