What you need before you walk in

A business bank account separates your personal money from your business money. Banks require proof that your business exists and that you are authorized to open an account on its behalf. The exact documents depend on your business structure — sole proprietorship, partnership, LLC, or corporation — and the bank you choose.

Start by gathering your Employer Identification Number (EIN), which the IRS issues to most businesses. You can get one free at irs.gov. If you are a sole proprietor with no employees, you may be able to use your Social Security number instead, though many banks prefer an EIN. You will also need a government-issued photo ID, your Social Security number, and proof of your business address.

Different business structures require different paperwork. A sole proprietor typically needs just an ID and an EIN. An LLC needs the Articles of Organization filed with your state. A corporation needs Articles of Incorporation. A partnership needs a partnership agreement or DBA (Doing Business As) certificate. Call the bank before you go in and ask what documents they need for your specific structure — this saves a wasted trip.

Key Takeaways

  • You will need an EIN (or your Social Security number), a government-issued photo ID, and proof of your business address before any bank will open an account.
  • The documents required depend on whether you are a sole proprietor, LLC, partnership, or corporation — call the bank first to confirm what they need.
  • Most banks require you to visit in person and sign paperwork, though some offer online account opening for certain business types.
  • Business accounts typically cost more than personal accounts and may charge monthly fees, per-transaction fees, or minimum balance requirements.
  • You will receive a routing number and account number once the account opens, which you use to set up payroll, accept payments, and pay vendors.

Sole proprietors: the simplest path

If you are a sole proprietor — you own the business by yourself and have not formed an LLC or corporation — the process is straightforward. Bring your photo ID, your Social Security number, and proof of your business address (a utility bill, lease, or mortgage statement dated within the last 60 days works). Many banks will also ask for your EIN, even though you can technically use your Social Security number.

You do not need to file any paperwork with your state to be a sole proprietor, so you have no Articles of Organization or incorporation to bring. If you are operating under a business name different from your legal name, bring a DBA certificate if your state requires one — check your state's Secretary of State website to confirm. Some states require DBAs; others do not.

The bank will have you sign signature cards and account agreements. Read the fee schedule carefully. Many business accounts charge a monthly maintenance fee ($10 to $25 is common), per-check fees, or per-transaction fees. Some waive fees if you maintain a minimum balance. Ask whether the account includes online banking, mobile deposits, and ACH transfers at no extra cost.

LLCs and corporations: bringing your formation documents

If you have formed an LLC or corporation, the bank needs proof that the business legally exists and that you have the authority to open an account. Bring your Articles of Organization (for an LLC) or Articles of Incorporation (for a corporation), filed with your state. You can usually download a certified copy from your state's Secretary of State website for a small fee, or request one by mail.

You will also need a resolution or authorization document signed by the business owner or board of directors stating that you are authorized to open and manage the account. For an LLC with one member, this is often a simple statement. For a corporation or multi-member LLC, it may be a board resolution or member resolution. The bank may provide a template, or you can draft one yourself. The key is showing that the business has authorized you to act on its behalf.

Bring the same personal documents as a sole proprietor: your photo ID, Social Security number, and proof of your business address. The bank will verify your EIN with the IRS before opening the account. This verification can take a few minutes in-person or a few days if you apply online. Once verified, the account opens and you receive your routing and account numbers.

Partnerships: documentation from your agreement

Partnerships require a partnership agreement or DBA certificate showing the business name and the partners involved. If you have a formal partnership agreement, bring a copy. If you have not filed one with your state, bring a DBA certificate or a written statement signed by all partners authorizing you to open the account.

The bank will ask which partner is authorized to make decisions about the account — whether all partners must sign off on large transactions, or whether one partner can act alone. This is a policy decision you and your partners should make before you arrive. Different banks handle this differently, so ask the bank representative what options they offer.

Bring your EIN, your photo ID, your Social Security number, and proof of your business address. If the bank cannot verify the partnership structure, they may ask for additional documentation or may require all partners to be present in person.

Online account opening: when it is available

Some banks offer online account opening for business accounts, though the process is more limited than in-person opening. You will upload photos of your documents — your ID, your EIN letter, your Articles of Organization or Incorporation, and proof of address. The bank verifies these documents electronically, which usually takes one to three business days.

Online opening works best for sole proprietors and straightforward LLCs. Partnerships and corporations with complex ownership structures often require in-person verification. Even when online opening is available, the bank may call you to verify information before the account is activated.

Once your documents are verified, you receive your routing and account numbers by email. You can then set up direct deposit, pay bills, and transfer money. Some banks require you to make an initial deposit before the account is fully active — this is usually $25 to $100 and varies by bank.

What happens after you open the account

Once the account is open, you receive a routing number and account number. The routing number identifies the bank; the account number identifies your specific account. You use these numbers to set up direct deposit for employees, to pay vendors by ACH transfer, and to receive payments from customers.

Most business accounts come with a debit card, checks, and online banking access. You can order checks from the bank or from a third-party printer — third-party checks are usually cheaper. Set up online bill pay if you pay vendors regularly. Link your personal account if you need to transfer money between accounts, though be aware that commingling personal and business funds can create tax and liability problems.

Review your account statements monthly and reconcile them against your business records. This catches errors early and helps you track cash flow. If you have employees, set up payroll through the bank or through a payroll service like ADP or Gusto — the bank can direct you to options they support.

Fees and account types to compare

Business accounts are not one-size-fits-all. Banks offer different account types for different business sizes and transaction volumes. A startup account may have lower fees but fewer features. A premium account may charge more but include unlimited transactions, higher check limits, and dedicated support.

Common fees include monthly maintenance ($10 to $50), per-check fees ($0.10 to $0.50 per check), ACH transfer fees ($0 to $1 per transfer), wire transfer fees ($15 to $50), and overdraft fees ($25 to $35). Some banks waive monthly fees if you maintain a minimum balance — $1,000 to $10,000 is typical — or if you meet a monthly deposit threshold.

Compare at least three banks before you decide. Ask about the fee schedule, the minimum balance requirement, the interest rate on deposits (if any), and whether the account includes the services you actually need. A bank with a lower monthly fee may charge more per transaction, so calculate your total cost based on your expected activity.

Frequently Asked Questions

Can I open a business account if I have not officially registered my business?

It depends on your business structure. Sole proprietors do not have to register with the state, so you can open an account with just an EIN and ID. LLCs and corporations must be registered before the bank will open an account — the bank verifies your registration with the state. If you have not registered yet, do that first through your state's Secretary of State office.

Do I need an EIN if I am a sole proprietor?

You can use your Social Security number instead, but most banks prefer an EIN. Getting an EIN is free and takes about 15 minutes at irs.gov. It also protects your personal Social Security number and makes your business look more established to customers and vendors.

What if I do not have a business address yet?

You can use a home address, a virtual office address, or a UPS mailbox as your business address. Bring proof of the address — a utility bill in your name, a lease agreement, or a statement from the virtual office provider. The bank just needs to verify that you have a place where the business operates or receives mail.

How long does it take to open a business account?

In-person opening usually takes 20 to 30 minutes, and the account is active the same day or the next business day. Online opening takes one to three business days for document verification. Some banks require an initial deposit before the account is fully active, which can add a day or two.

Can I have multiple authorized users on the account?

Yes. You can add employees, partners, or other authorized signers to the account. The bank will require each person to provide ID and sign signature cards. You can set limits on what each person can do — for example, one person might be able to approve wire transfers while another can only make deposits.