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.
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.
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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:
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
- Phone number
- Email address
- Social Security number
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.
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?
|Social Security Number|
|Mobile Phone Number|
|Business License||If available|
|DBA||If available||If available||If available||If available|
|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.