How to Set Up Your Business Account
What you'll need to open your business deposit account
Some practical advice on this crucial first step for every business.
Opening a business bank account is an important milestone in the timeline of any new company. Here's information that will help you more easily take that step.
Opening a business bank account makes it easier to keep your business and personal cash flow separate. You’ll benefit from the ability to keep track of your budget and cash flow better, which could result in money and time savings.
When you open a business deposit account, all banks are required to obtain information verifying the business entity and all individuals associated with the business. The requirements vary depending upon how your business is structured. For an easy account opening experience, we've outlined the general documentation requirements for the most common types of businesses.
For all individuals associated with the business, a primary form of identification is required at account opening.
Forms of primary identification include:
- Driver’s license
- State-issued identification card
- Government passport
Business Types
Select the type of business from the list below to see what information is required to open an account.
How to Open an Account for a Sole Proprietorship
To open a Sole Proprietorship account, you will need the following documentation:
- Personal identification: a valid driver's license, state identification card or passport
- Social Security Number (SSN)
- This is a unique nine-digit number assigned to each business entity by the Internal Revenue Service. Also known as a Federal Tax Identification Number.
- Business License (if applicable)
- Fictitious Name Registration*
How to Open an Account for a Partnership
To open a Partnership account, you will need the following documentation:
- Signed Partnership Agreement
- Business License (if applicable)
- Fictitious Name Registration*
- Beneficial Ownership Information. Any Beneficial Owner or Controlling Individual who owns 25% or more of a business, will be required to provide additional information
How to Open an Account for a Limited Liability Corporation
To open a Limited Liability Corporation account, you will need the following documentation:
- Articles of Organization
- Signed Operating Agreement
- Signed Meeting Minutes (if above documents do not specify signers)
- Business License (if applicable)
- Fictitious Name Registration*
- Beneficial Ownership Information. Any Beneficial Owner or Controlling Individual who owns 25% or more of a business, will be required to provide additional information
How to Open an Account for a Corporation
To open an account for a Corporation, you will need the following documentation:
- Articles of Incorporation
- Signed By-Laws
- Signed Meeting Minutes (if By-Laws or Operating Agreement do not specify signers)
- Business License (if applicable)
- Fictitious Name Registration*
- Beneficial Ownership Information. Any Beneficial Owner or Controlling Individual who owns 25% or more of a business, will be required to provide additional information
How to Open an Account for a Nonprofit
To open an account for a Nonprofit, you will need the following documentation:
- 501(c) (3) document (except Churches or Religious Organizations)
- Signed By-Laws or Operating Agreement
- Signed Meeting Minutes (if the any of the documents listed above do not specify who can act on the account)
- Beneficial Ownership Information. Controlling Individuals will be required to provide additional information
- Resolution of Lodge, Association, or Other Similar
How to Open an Account for an Association
Common examples of unincorporated associations include local sports clubs, civic groups, investment clubs, and voluntary organizations. To open an account for an Association, you will need the following documentation:
- Certificate of Good Standing
- Certificate of Formation (if applicable)
- Certificate of Organization (if applicable)
- By-Laws or Operating Agreement
- Signed Meeting Minutes (if the any of the documents listed above does not specify who can act on the account)
Get Started
If you're ready to open your account or have further questions, please visit your local branch. Be sure to bring the required documents with you.
Disclosure
*A Fictitious Name Registration is required for DBA’s when a person, partnership, limited liability company or corporation intends to conduct business under an assumed or fictitious name. For sole proprietorships, this is required when the business name does not include the owner’s last name.
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