Opening a business bank account is an important step for a new business owner. It’s the best way for you to easily keep track of expenses, employee payout, budget planning and your business records. Putting this barrier between personal and professional finances helps to make day-to-day transactions easy to follow and document. It also gives your small business a strong foundation as it succeeds and grows. Now, let’s get started!
For Sole Proprietors:
- Federal Employer Identification Number (FEIN)
- Social Security Number (SSI)
For Corporations, Partnerships & LLC:
- Articles Of Incorporation
- A Certificate of Good Standing
- Personal Identification
- Professional Licenses
- Federal Employment Identification Number (FEIN)
- Banking Resolutions
(Most of these items are given when you form the Business Entity)
Choose your bank wisely! Research. Research. Research. You may love your personal bank, but there may be better business bank options out there that relate to your business. Start a comparison process with different banks. If you would like, we’ll add a comparison template to help you out.
Start off with one bank account. Don’t let the excitement of having an account get to you. It’s different from a personal account. Most banks require a minimum daily or monthly balance. They also may have hidden fees, depending on the transaction.
Although we provided a detailed list of paperwork requirements you’ll need, still be sure to call the bank before heading there. Different accounts have different specifications. Plus, it’s great to double check all your bases.
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