Business bank account requirements typically include several key documents and pieces of information to verify your identity, your business, and your authority to open the account[1][2][3].
- Employer Identification Number (EIN): Most businesses will need to provide their EIN, which is issued by the IRS. Sole proprietors without employees can often use their Social Security number instead[1][3][7].
- Personal and Business Identification: You’ll need government-issued photo ID such as a driver’s license or passport, and proof of business registration. Depending on your business type, this might include your business license, articles of incorporation/organization, partnership agreements, or certificates of good standing[1][2][4][6].
- Business Formation Documents: For LLCs, corporations, and partnerships, expect to provide articles of organization or incorporation, certificates of organization, partnership agreements, or similar legal formation documents[2][4][5][6].
- Ownership Agreements: If your business has multiple owners, you may need to provide an agreement showing each owner’s percentage of ownership, as well as information on key executives or partners[2][3][6].
- Business License: Depending on your type of business and state requirements, a business license or proof of registration may be needed[1][3][4].
- DBA (“Doing Business As”) Registration: If your business operates under a name other than your legal business name, you must provide documentation of your DBA/fictitious/assumed name registration[1][4][6].
- Address Verification: If your business registration documents do not match your business address, additional proof such as utility bills, property rental agreements, or tax bills may be requested[2][4].
- Initial Deposit: Some banks require an initial deposit to activate the account. The required amount varies by institution and account type[1].
- Beneficial Ownership Information: Banks need to collect information on individuals who directly or indirectly own 25% or more of the company to comply with anti-money laundering regulations[6].
- Other Documentation: Depending on the bank, you may also need to provide your business website, recent tax returns, or business-related bills or invoices as supplementary evidence of your business operations and legitimacy[4].
It is generally recommended that all business owners and key executives be present when opening the account in person. If not all can attend, some banks may require notarized forms from those absent[2]. Requirements can vary by business structure (sole proprietorship, LLC, corporation, partnership) and by bank, so check with your chosen financial institution beforehand.
References
- [1] What do you need to open a business bank account? – Chase.com
- [2] How to Open A Business Bank Account: What You Need | Wells Fargo
- [3] Open a business bank account | U.S. Small Business Administration
- [4] What Documents You Need To Open A Small Business Account
- [5] LLC Bank Account & Required Documents – Bank of America
- [6] Basic Business Checking Account for Small Businesses & Startups
- [7] How to Open a Business Bank Account
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