How to Open a Business Bank Account for an LLC

Keep your LLC's limited liability protections intact by opening a dedicated business bank account. This is an essential step, even for single-member LLCs.

You'll need business formation documents and an employer identification number (EIN) to open an account. If you don't have an EIN, apply via the IRS website to receive one instantly.

Almost all business banks accounts require LLCs to provide formation documents and an organizing agreement, along with other business and personal details. Multi-member LLCs need to provide personal details and identification for anyone with 25% or more ownership in the business.

Check with your bank on exact requirements, but expect to provide the following:

» MORE: Checklist: What you need to open a business account

Select a business checking account with low (or no) monthly fees that can easily integrate with your existing business tools. Factor in the account features that are most important to your business, such as cash deposits or low-cost wire transfers.

Note customer support availability too. A brick-and-mortar checking account is your best bet if you want in-person support. Some online business bank accounts default to email or in-app chat to resolve account issues. That can be frustrating if you run into serious complications, like fraudulent charges or frozen funds.

Here are a few of NerdWallet's top-rated business accounts for LLCs. To view the full list, see our roundup of best business bank accounts for LLCs.

» MORE: NerdWallet’s best banks for small businesses

How many bank accounts should an LLC have?

A single business checking account may suffice for smaller operations or LLCs with no employees. Otherwise, your company will want multiple business accounts.

Best practice is to use separate accounts for payroll and operating expenses. You can also leverage a high-yield business savings account to earn more interest on any extra cash on your balance sheet. Having multiple business bank accounts — at multiple banks — can also help maintain access to funds if an account is compromised or your bank shuts down.

» MORE: NerdWallet’s best business savings accounts

Once approved, log in to the bank’s online banking platform to set any alerts or preferences. Decide who will be authorized to sign on the account. This is especially important for multi-member LLCs. Add any additional users, like an accountant or employee who handles the accounts payable, and set account permissions accordingly.

Existing businesses with cash on hand can then gradually move funds to the new account. Business accounts typically have longer deposit hold times for new accounts (up to 10 business days). Some financial institutions will also flag large deposits for fraud. Avoid depositing all of your money at once in case it's temporarily held up.

Connect your new account to your bookkeeping software and any other business tools. Then establish any recurring bill payments or invoices and download the bank’s mobile app for easy banking access on the go.

Lastly, if your business account has a sign-up promotion, track the requirements to ensure you earn any potential bonus.