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What You Need to Open a Business Bank Account
You'll need basic information about yourself and your business, as well as legal business documentation.
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
If you run a small business, you need a business checking account to keep company finances separate from personal transactions.
Opening a business account is easy; you can typically apply in minutes as long as you have the right details and documents, especially if you open an account online.
Business bank account requirements will vary based on the bank, your entity type and the state where you formed your business. Here’s what you need to open a business bank account, plus our tips for how to find the best bank for your small business.
Personal identification
Banks require a government-issued photo ID, such as a driver’s license or passport, to open a business bank account (some may ask for two). You also need to give your personal mailing address and contact information, along with your date of birth and Social Security number.
Businesses 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
If your business has an Employer Identification Number, you need to provide that along with any corresponding documents from the IRS. Sole proprietors and single-member LLCs may be able to use their Social Security number.
Business details
The business account application will ask for your business name and address, as well as your trade name or DBA name, if applicable. Beyond that, you’ll need to list your business entity type (sole proprietorship, partnership, LLC or corporation) and disclose the industry you’re in and type of business you operate.
Organizing documents, agreements
The documents you need to provide depend on how your business is set up. Here are common requirements for different entity types:
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.
Opening deposit
Some banks require an opening deposit, which can range from $5 to $1,000, for example, while others allow you to open an account with $0.
Best for: Accepting debit and credit card payments
What to keep in mind:
Included monthly transactions.
ATM access.
Account and incidental fees.
What to keep in mind:
APY.
Account fees.
Minimum balance required to earn interest.
What to keep in mind:
Bundled merchant services.
Low transaction fees.
Additional fees.
*You need to open a business checking account before you can get a merchant account, which is used for accepting debit or credit card payments. Learn more about merchant accounts here.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.