How to Open a Business Checking Account
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How to Open a Business Checking Account (Video Transcript: Click to Expand)
Transcript
00:00 Decide on your Business Name 00:08 Register your Business 00:10 Register with the Secretary of State 00:43 Get an EIN or TIN for your Business 00:54 Gather all Documents from Business Registration 01:01 Open the 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.