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Everything about a US Business Bank Account, you need to know.
Everything about a US Business Bank Account, you need to know.

Everything you need to know about your US Business Bank Account

Updated over a week ago

One of the more critical parts of running a new business is ensuring you have the right bank at your disposal. Opening a business bank account allows you to separate it from your personal bank account. It also allows you to remain better organized and keep track of your finances more efficiently. The best part of all is that opening a business account won’t take you too long, but it’s essential that you prepare and know what type of account you need to open, where you should get it, and what vital documents you need to open your business bank account.

Documents you need for a US Business Bank account

The documents you need to submit to open up a business bank account are below -

  1. All Company formation documents (provided by doola)

  2. EIN (provided by doola)

  3. Valid International Passport for Non-US residents or government ID for US residents.

Company Formation documents

The banks will request your company formation documents. What you need to provide them all depends on your business entity type and the state where your company was established. Here are the documents you may need to share with them based on your business entity.

  • Corporations: Articles of incorporation, corporate bylaws.

  • Limited Liability Company: Articles of organization, LLC operating agreement.

  • Partnerships: Partnership agreement, state certificate of partnership, business name registration certificate.

  • Sole proprietorships: EIN and company name registration certificate.

  • Startups: Organizational documentation, personal or business identification.

Some of the banks may request slightly different verification documents. So you need to review every instruction carefully when it comes to submitting your business documents.

Employer Identification Number or Social Security Number

Most banks these days require business owners to provide their employer identification number (EIN). That enables them to see if you are eligible to open a business checking account or savings account, but some of these banks may permit sole proprietors to open a small business account with just their social security number (SSN).

If you need to obtain an EIN, you can acquire one for free by filling out the application on the IRS’s website as long as you have a valid social security number and your business is based in the United States or one of its many territories.

You could also save a lot of time by using our hassle free EIN service.

Personal identification Documents

For this part, you want to have a government-issued photo ID (US residents), such as a driver’s license or a valid passport (US Non-Residents). If your business has multiple owners, you need to include their personal details and identification for every owner with 25% or more ownership in the company.

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