Business Bank Accounts: How to Open a Business Bank
Account
Benefits of Business Bank Accounts
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).
Look for These Business Bank Account Benefits:
- 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
Any Business Check You Could Ever Want - at a Cheap Price
Instead of paying the high price of bank checks, save money on customized business checks and
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Checks Unlimited offers similar
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More Small Business Resources:
Banks with Business Banking:
- Earn a yield within the top 5% of competitive accounts. Always.
- Low $1,500 initial-deposit requirement
- No-fee Online and Mobile Banking
- FDIC insured
-
Apply Now
US Bank | Bank of America | Chase Bank | Wells Fargo Bank | Citibank | Regions Bank | Citizens Bank
