You'll need basic information about yourself and your business, as well as legal business documentation.
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Randa Kriss is a small-business writer who joined NerdWallet in 2020. She previously worked as a writer at Fundera, covering a wide variety of small-business topics including banking and loan products. Her work has been featured by The Washington Post, The Associated Press and Nasdaq, among others. Randa earned a bachelor's degree in English and Spanish at Iona College.
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You need information about yourself and your business to open a business bank account. The exact business bank account requirements will depend on your business entity and which financial institution you choose. But the following checklist can give you a head start and prepare you for how to open a business bank account.
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NerdWallet Rating Read Review Learn more☐ Partnerships: Partnership agreement, business name registration certificate, business license, state certificate of partnership.
☐ Corporations: Articles of incorporation, corporate bylaws, business license.Specific business bank account requirements will vary from bank to bank, but most financial institutions require the following combination.
Government-issued photo identification. Typically a driver’s license or passport. Some banks may ask for two types of ID.
Home address. You need to have a U.S. mailing address to apply for most business accounts. Banks typically require a physical address rather than a P.O. Box.
Personal email and cell phone number. Financial institutions use this information for two-factor authentication. A handful of online business checking accounts are mobile only and require a cell phone number to apply for an account.
Date of birth and Social Security number. Banks use this information to verify your identity, which they are required by law to do.
Businesses with multiple owners typically need to include personal details and identification for every owner with 25% or more ownership in the business.
Employer identification number . You may also need to provide corresponding documents from the IRS. Sole proprietors and single-member LLCs may be able to open a business bank account without an EIN by providing their Social Security number instead.
Business name and trade name or “doing business as” name, if you have one. No official business name? You can use your own name.
Business address and phone number. You can use your home address if you don’t have an office or a storefront.
Business entity type. Sole proprietorship, partnership, corporation or LLC.Date your business was formed. If your business is registered with the state, use that date. If not, use the date the company was founded.
Industry and type of business you operate. Certain types of business — such as gambling, cannabis and adult entertainment companies — cannot open a business account with most banks.
The documents needed to open a business bank account depend on how your business is set up. Here are common requirements for different entity types:
Sole proprietorships. Business name registration certificate, business license.Partnerships. Partnership agreement, business name registration certificate, business license, state certificate of partnership.
LLCs. Articles of organization, LLC operating agreement, business license. Corporations. Articles of incorporation, corporate bylaws, business license. AdvertisementShop, compare, and access our cash flow tool to find the perfect banking solution to grow your business.
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