Before visiting your local bank to open a business account, you'll need to meet several bank requirements. The requirements will differ based on your business structure, such as a sole proprietorship, general partnership, limited liability company, or corporation.
Here is a list of common business documents and information you will need to open a business checking and savings account.
Banks will require a DBA ("doing business as") document if your business will be operating under a business name that is not your legal name or the legal name of your business, such as an LLC or corporation. You will need to file a DBA, also known as a fictitious business name statement, with your county or state.
2. Business License
If your business doesn't require filing a DBA, you may need to provide a business license instead. This is more common for sole proprietors and general partnerships.
3. Federal Employer Identification Number (EIN)
Businesses with employees, multiple owners, or corporations must provide a federal employer identification number (FEIN). A FEIN is a unique tax identification number assigned to businesses by the IRS.
4. Articles of Organization (For Limited Liability Companies)
If you formed a Limited Liability Company, you must provide your Articles of Organization. This document is provided by your state when you form an LLC.
5. Articles of Incorporation (For Corporations)
If you formed a corporation, you must provide your Articles of Incorporation. This document is provided by your state when you form a corporation.
6. Percent of Ownership
If your business has multiple owners, most banks will need to know the percent of ownership each person has in the business. Some banks will have a minimum percentage that business owners must have to be listed on the application.
7. Estimated Earnings/Income/Revenue
Some banks will ask for an estimated revenue you expect your business will earn in your first year.
Learn more about opening a business bank account with these national banks:
Depending on your business Chase, Bank of America, and Wells Fargo let you open a business bank account online. If you prefer to visit a local branch, it's best to schedule an appointment.
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