Requirements To Open A Business Bank Account
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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WRITTEN & RESEARCHED BY
Senior Staff Writer
Last updated onUpdated
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REVIEWED BY
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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
Video: 5 Steps To Open A Business Bank Account
You may be wondering 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.
Business Account Requirements Checklist
Here’s a quick list of the types of information you need to open a business bank account:
Personal Information
Every person you list on the bank application will need to provide the following:
- Government-issued identification, such as a driver’s license or passport
- Address
- Phone number
- Email address
- Social Security number
Business Information
You may not have everything on this list, and that’s okay. Just be ready to share what you can:
- Business name
- Business structure
- DBA name
- Employer Identification Number (EIN)
- Business contact information including physical and mailing address, email, and phone.
Business Documentation
The documentation you’ll need to show will depend on your business type but may include:
- Business license
- Articles of formation
- Partnership agreement
- Business name registration
- Articles of incorporation if applicable
What Do You Need To Open A Business Bank Account?
| 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.
Personal Information Needed To Open A Business Bank Account
Every person you list on the bank application will need to share the following:
- Government-Issued Identification: driver’s license or passport
- Contact Information: address, phone number, and email
- Social Security Number
Business Information Required To Open A Business Bank Account
- Business Name
- DBA (if your business operates under a name other than its officially registered name)
- Employer Identification Number (if you don’t have an EIN, your Social Security number should do)
- Business Contact Information, including physical and mailing address, email, and phone.
- Business License
Business Documentation For Opening A Business Bank Account
How is your business structured determines what information you’ll need to show. Read below to find the documentation needed for your business type:
How To Find The Right Bank Account For Your Business
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:
- The bank where you have your personal accounts
- An online bank
- A local credit union
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.
FAQs: How To Open A Business Bank Account
Kate Hoots
Senior Staff Writer at Merchant Maverick
Kate started writing on business topics in 1996, working for groundbreaking B2B newsletters Communication Briefings and The Competitive Advantage. She joined Merchant Maverick in 2020 and is an expert in business banking, insurance, and eCommerce. She has been featured on NBC TODAY, Yahoo News, GoBankingRates, Scripps News Syndicate, and CBS Radio. She has a bachelor's degree in English literature from Lewis & Clark College and lives in Canby, Oregon.
View Kate Hoots's professional experience on LinkedIn.
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