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What kind of documents should you be ready to share when you want to open a business checking account? This complete guide will show you the requirements for your business type and help you prepare.
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Ready to open a business bank account? In this post we’ll explain the requirements for opening a business account and point you toward some of the best business bank accounts around.
Table of Contents
You may wonder if it’s time to start using a business bank account for your small business or side venture.
Because the answer is almost always Yes, we’ll show you what you need to open a business bank account and how to get started.
Here’s a quick list of the types of information you need to open a business bank account:
Every person you list on the bank application will need to provide the following:
You may not have everything on this list, and that’s okay. Just be ready to share what you can:
The documentation you’ll need to show will depend on your business type but may include:
| Sole Proprietor | Partnership | LLC | Corporation | |
|---|---|---|---|---|
| Government ID | ||||
| Contact Info | ||||
| Social Security Number | ||||
| Business Address | ||||
| Mobile Phone Number | ||||
| Business Name | ||||
| Business License | If available | |||
| DBA | If available | If available | If available | If available |
| EIN | If available | |||
| Business Address | ||||
| Business Formation Documents | N/A | |||
| Articles Of Incorporation | N/A | N/A |
Some of the document requirements for opening a business account can vary depending on your business type. Others are universal.
Every person you list on the bank application will need to share the following:
How your business is structured determines what information you’ll need to show. Read below to find the documentation needed for your business type:
Once you’ve decided you need a business bank account, your next challenge is deciding where to go to start one. You have many options, such as:
Before you make an appointment or complete an online application, it’s a good idea to make sure you’re familiar with the differences between personal vs. business banking services. Once you know what to look for, start talking to a couple of your top choices.
Take your time evaluating your top choices. Do they offer a business checking account that meets your needs? Are you looking for the best business savings account as well? You can maximize your interest-earning potential when you narrow your search to the best high-yield business savings.
Compare rates and available services, even ones you may not need right now, like a line of credit. Your goal should be finding a business partner who can stand with you, helping your business now and as you grow and succeed.
Related: If you’re looking for a completely fee-free bank, start your search with our list of the best free business bank accounts.
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