How to Open a Business Checking Account
Watch Video above. Click or tap arrow to play. Call us at 919-771-4177 with any questions.
How to Supply: EIN Letter, but not for a Sole Proprietorship using their SSN. Similarly, articles of Incorporation if Incorporating, or a License. Also Money to open checking Account, ID (Identification).
How to Tool: Desktop, laptop, tablet or also phone.
Estimated Cost: Approximately $100 minimum to start a checking account but the amount will depend on the Institution.
Step 1: Pick a Business Name
Decide on what you will name your Business.
Choose a name that is relevant to your business type and easy to remember. Shorter business names that the public will easily identify can help build brand awareness.
Also decide if you will be 100% Owner or if there will be additional owners.
TIP: Avoid changing your business name in the future.
Step 2: Register Your Business
Go to the Secretary of State for your State. You can use this online tool, Searchsystems.net to Search. Find your State. Choose the company search option and do a name search to see if your chosen business name or similar name is available.
If it is available, decide on a Sole Proprietorship, Partnership, LLC or regular Corporation setup. An LLC is popular with small businesses for the legal protection it provides the owners.
Ask your County or City of they require any separate licenses.
Next, get an EIN number for your business through the IRS. This is needed for all businesses except Sole Proprietors that use their Social Security Number for taxes and tax returns.
Step 3: Gather all Documentation from Business Registration.
Have ready your business name, Articles of Incorporation or Business License, and EIN Letter.
Step 4: Contact Institution and Open the Account.
Go to the Bank to open the Business Account with all of your information: EIN Letter, Articles of Incorporation or Business License, and business name. If the bank is online, begin the process online.
TIP: All owners need to be present and show Identification. Acceptable identification is a valid Driver’s License or State ID Card or a Valid Passport.
Complete setup and enjoy the Account!
Conclusion: How to open a business checking account.
If you follow the steps above, then you can open a checking account for your company with no hassles.
If you have been using a personal checking account to run your business, then begin depositing funds into your new company checking account immediately.
Finally, you can use the cash flow in your new checking account to obtain services in the name of the business, such as bank statement loans, credit, credit card processing and other services.
Show Video Transcript Details
How to Open a Business Checking Account
How to open a business checking account.
Decide on what you will name your business. Shorter relevant names are easier to remember. Avoid changing your business name in the future.
Step 2: Register your Business. Go to the Secretary of State for your State.
You can use this online tool, https://publicrecords.searchsystems.net/ to Search. Find your State. Choose the Company Search Option and do a Name Search to see if your chosen Business Name, or similar name, is available. If it is available, decide on a Sole Proprietorship, Partnership, LLC or regular Corporation setup.
An LLC is popular with Small Businesses for the legal protection it provides it’s Owners. Purchase your Business Name. Ask your County, or City, if they require any separate Licenses.
Next, get an EIN Number for your Business through the IRS. This is needed for all Businesses except Sole Proprietorships that use their Social Security Number for Taxes and Tax Returns. Gather all Documentation from Business Registration. Have your Business Name, Articles of Incorporation, or Business License and EIN Letter ready.
Contact the Institution and Open the Account. Go to the Bank or Online to Open the Business Account with all of your Information: EIN Letter, Articles of Incorporation or Business License, and Business Name.
All Owners need to be available and show Identification. Acceptable Identification is a valid Driver’s License, or a valid Passport. Complete setup and enjoy the account.
To get a business loan, business credit or simple credit card processing for your business complete the contact form below.
This Article covers how to open a business checking account. Documents needed such as Tax ID number and getting a Secretary of State Listing is included.
To obtain needed services such as bank statement loans, asset based financing, or learn other self help for business issues including videos here. Watch just the Video Page here.
Author Biography: Will Sanio, Owner of SCF Funding, dba SmallBusinessLoansDepot.com, has a Bachelor of Science Degree in Business Administration with a concentration in Finance from the University of Tennessee, Knoxville.
Over 20 Years experience including 10 Years with Wells Fargo, formerly Wachovia Bank and First Atlanta Bank. Specializing in Traditional and Alternative lending.
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