💳 Save money on credit card processing with one of our top 5 picks for 2024
What kind of documents should you be ready to share when you want to open a business checking account? This complete guide will show you the requirements for your business type and help you prepare.
WRITTEN & RESEARCHED BY
Lead Staff Writer
Last updated onUpdated
REVIEWED BY
Editor & Senior Staff Writer
Ready to open a business bank account? In this post we’ll explain the requirements for opening a business account and point you toward some of the best business bank accounts around.
Table of Contents
You may wonder if it’s time to start using a business bank account for your small business or side venture.
Because the answer is almost always Yes, we’ll show you what you need to open a business bank account and how to get started.
Here’s a quick list of the types of information you need to open a business bank account:
Every person you list on the bank application will need to provide the following:
You may not have everything on this list, and that’s okay. Just be ready to share what you can:
The documentation you’ll need to show will depend on your business type but may include:
| Sole Proprietor | Partnership | LLC | Corporation | |
|---|---|---|---|---|
| Government ID | ||||
| Contact Info | ||||
| Social Security Number | ||||
| Business Address | ||||
| Mobile Phone Number | ||||
| Business Name | ||||
| Business License | If available | |||
| DBA | If available | If available | If available | If available |
| EIN | If available | |||
| Business Address | ||||
| Business Formation Documents | N/A | |||
| Articles Of Incorporation | N/A | N/A |
Some of the document requirements for opening a business account can vary depending on your business type. Others are universal.
Every person you list on the bank application will need to share the following:
How your business is structured determines what information you’ll need to show. Read below to find the documentation needed for your business type:
Once you’ve decided you need a business bank account, your next challenge is deciding where to go to start one. You have many options, such as:
Before you make an appointment or complete an online application, it’s a good idea to make sure you’re familiar with the differences between personal vs. business banking services. Once you know what to look for, start talking to a couple of your top choices.
Take your time evaluating your top choices. Do they offer a business checking account that meets your needs? Are you looking for the best business savings account as well? You can maximize your interest-earning potential when you narrow your search to the best high-yield business savings.
Compare rates and available services, even ones you may not need right now, like a line of credit. Your goal should be finding a business partner who can stand with you, helping your business now and as you grow and succeed.
Related: If you’re looking for a completely fee-free bank, start your search with our list of the best free business bank accounts.
Get in touch with a real human being on the Merchant Maverick team! Send us your questions, comments, reviews, or other feedback. We read every message and will respond if you'd like us to.
Reach OutGet in touch with a real human being on the Merchant Maverick team! Send us your questions, comments, reviews, or other feedback. We read every message and will respond if you'd like us to.
Reach Out
Let us know how well the content on this page solved your problem today. All feedback, positive or negative, helps us to improve the way we help small businesses.
Give Feedback
Want to help shape the future of the Merchant Maverick website? Join our testing and survey community!
By providing feedback on how we can improve, you can earn gift cards and get early access to new features.
Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.
Start A Quick Application
Help us to improve by providing some feedback on your experience today.
The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers.
Start A Quick Application
"*" indicates required fields
