|
|
Business Bank Accounts
Benefits & How to Apply
1 - 2 - 3
With a separate business bank account for your business, you can keep your finances better organized, obtain additional business banking services, write checks and add credibility and professionalism to your business.
A separate bank account or checking account is also important when it comes to taxes - it can save you valuable time, money and hassles. Accounting suddenly become so much easier. It doesn't have to take much time or cost a lot of money to obtain a business bank account. Some banks offer free accounts - even for businesses.
In addition, internet banking is becoming standard practice. Many banks have features that allow you to manage your account, including direct deposit, online billing and scheduling regular payments automatically.
An internet bank account can be simple to manage and very cost effective, especially for a small business doing all of its own accounting.
When you go the bank to open your business bank account, you will need to prove that you are a business, so you will want to proper documentation. The documentation needed will depend on the structure of your business (sole proprietorship, corporation, LLC or partnership).
Provide a certified copy of the fictitious name certificate if you are a sole proprietor and the account title will be in the business name (and the business name isn't your name).
Business Bank Account benefits to look for:
- Online Banking and Bill Pay
- Checking account with No-Fee check writing
- No-Fee ATM card
- Free financial reporting and management tools
- Ability to earn a high risk-free yield
- Free transfers between your business checking and other accounts
- FDIC Insured
When you've decided which bank you want to use, set up an appointment with a business banker to open your account. You'll need to bring in the following documentation to your appointment:
- An Employer ID Number (Tax ID Number)
If you plan open a corporate bank account or pay wages to employees, you will need an Employer ID Number (EIN) also known as a Taxpayer ID Number (TIN). To obtain your EID, get a copy of the federal SS-4 Form Application from the IRS. You can download the form online from their website, complete it, and mail it back to them.
- Certificate of Incorporation, issued by the Secretary of State for the state in which your business is incorporated (How to Incorporate Online)
- Customized Corporate Seal (included in your Corporate Book)
- Photo Identification (usually a driver's license or passport)
- Corporate Resolution that specifically designates you a the authorized individual to act on behalf of the company
Other Banks with Business Banking:Order Your Business Checks Online:
If you need checks or want to save money on personallized checks for your business (or yourself) Checks Unlimited has special offers on bank checks for first-time customers. You can get laser and ink-jet computer checks, manual, payroll - they also conveniently provide envelopes and labels. Checks Unlimited offers similar products with business computer checks compatible with Quicken and Microsoft Money and a 100% guarantee. I'd check out both options to compare prices on what you want.
Worried About Identity Theft?
Identity theft is quickly becoming a common occurence. LifeLock offers a one-of-a-kind service that can protect your identity guaranteed. They are not a credit monitoring service, but a proactive system that locks your information before thieves can get to it. LifeLock can also protect your entire business organization. Don't be left at risk
Copyright 1997- Home Business Center, Inc.
privacy policy
