Opening a commercial bank account is an important part of operating any business, whether it is a sole proprietorship, limited liability company (LLC) or corporation. Keeping personal and business financial affairs separate through different bank accounts is also important for tax purposes. Fortunately, opening a commercial bank account is easy, and requires few steps beyond a trip to the local bank or credit union of your choice. Business owners and sole proprietors alike usually can open commercial checking and/or savings accounts in a day or less.
Instructions
1. Gather any business documents you have, including a business license and/or articles of incorporation.
2. Get an Employer Identification Number (EIN) from the Internal Revenue Service if you do not already have one. Sole proprietors, the official term for self-employed individuals not formally operating a business, can typically use their Social Security number for commercial banking and credit purposes.
3. Visit the bank or credit union of your choice, whether online or in person. Virtually every financial institution has a commercial banking division.
4. Speak to a representative about opening a business banking checking and/or savings account. He or she will ask you some personal and commercial questions so they can fill out your account application. Information requested typically includes your full name, business and home addresses, business and home telephone numbers, business name if it is not a sole proprietorship and EIN number. Some banks also want a Social Security Nnmber for all account signers.
5. Give the representative your commercial documents, such as business license and/or articles of incorporation if requested.
6. Issue the representative your required opening deposit for a commercial bank account. Commercial bank accounts require at least $2,500 to open at most banks. If you are a small business or sole proprietor without access to such funds, consider opening a separate personal bank account and use it only for business transactions.
