To open a business bank account, you need an Employer Identification Number (or a Social Security Number if you are a sole proprietor without employees), the formation documents that match your entity type, a government-issued photo ID for each owner, and an opening deposit. The application takes about half an hour online or at a branch, and most banks activate the account within one to four business days. The work is in gathering the paperwork, and what you need depends on whether you are a sole proprietor, LLC, corporation, or nonprofit.
Documents You Need by Entity Type
Every application asks for personal identification and a taxpayer number. Beyond that, the paperwork tracks how your business is legally organized.
Sole Proprietors
If you have no employees and are not required to file excise or employment tax returns, you can open the account with your Social Security Number.1U.S. Small Business Administration. Open a Business Bank Account Getting a free EIN from the IRS is still worth doing, because it keeps your SSN off invoices and business records.2Internal Revenue Service. Get an Employer Identification Number Bring a government-issued photo ID. If you operate under a name different from your legal name, bring the DBA certificate. Some banks also ask for a local business license.
LLCs and Corporations
Bring the formation document filed with your Secretary of State: Articles of Organization for an LLC, or Articles of Incorporation for a corporation.3U.S. Small Business Administration. Register Your Business Apply for your EIN after the entity is formed with the state.2Internal Revenue Service. Get an Employer Identification Number Banks will also ask for your Operating Agreement (LLC) or bylaws (corporation), because those documents show who owns the business and who has authority to move money. For a corporation, expect a request for a corporate resolution: a formal record from the board naming the person authorized to open the account and sign on the company’s behalf.
Nonprofits
A nonprofit needs the same formation documents as a corporation plus evidence of tax-exempt status. Bring the IRS determination letter confirming your 501(c)(3) or other exempt status, the EIN, the Articles of Incorporation, and the bylaws. Many banks also want board meeting minutes showing that the directors authorized a specific person to open the account. Having those minutes in hand before you arrive avoids a return trip.
What the Application Asks For
Most of the application is data entry. Use the legal name of your business exactly as it appears on your state filing. If you operate under a trade name, provide the DBA certificate that links that name to the legal entity. You will need a physical business address; a P.O. Box alone is not accepted by most banks. The form also asks for your six-digit North American Industry Classification System (NAICS) code, which you can look up on the Census Bureau’s NAICS search tool.
Beneficial Owners
Federal anti-money-laundering rules have historically required banks to identify every individual who owns 25% or more of a legal entity opening an account, plus at least one person with significant control over the business, such as a CEO or managing member.4eCFR. 31 CFR 1010.230 – Beneficial Ownership Requirements for Legal Entity Customers In February 2026, FinCEN issued an order temporarily relieving banks from this requirement at account opening.5Financial Crimes Enforcement Network. CDD Final Rule Most banks still collect the information anyway under their internal compliance policies.
For each qualifying owner, be ready with the full legal name, date of birth, residential address, Social Security Number, and a government-issued photo ID such as a driver’s license or passport. Mismatches between the application and your formation documents are the most common cause of processing delays, so check that names and addresses line up before you submit.
Submitting the Application and Funding the Account
You can apply online or in a branch. Online, you will upload scanned copies of your formation documents and sign the account agreement digitally. In person, bring originals; the account opener will sign a physical signature card that the bank keeps on file to verify future transactions.
Most banks require an initial deposit. Minimums vary: some basic checking accounts start around $25, while premium accounts may require $100 or more. You can fund the deposit by transfer from another account, a check, or cash at the branch. After you submit, verification generally takes one to four business days depending on the bank. Online banking access is usually available as soon as the account is approved, followed by a confirmation email or a welcome packet.
Fees to Check Before You Commit
Business checking at traditional banks typically carries a monthly maintenance fee, from roughly $10 for basic accounts to $30 or more for higher-tier accounts with larger transaction allowances. The usual way to waive the fee is to hold a minimum daily balance, which can range from about $500 on a starter account up to $10,000 on a mid-tier product.6Consumer Financial Protection Bureau. Why Am I Being Charged a Monthly Maintenance Fee for My Bank or Credit Union Account Online-only banks and credit unions often offer free business checking without balance requirements, so it pays to compare before you sign up.
Why You Should Not Skip This Step
If you run an LLC or corporation, mixing business money with a personal account puts your liability protection at risk. When funds are commingled, a court can decide the entity is not truly separate from its owner and allow a creditor to reach personal assets to satisfy a business debt. A dedicated business account is the most basic evidence that the business operates independently.
Separate accounts also make tax records defensible. The IRS expects clear records that distinguish deductible business expenses from personal spending.7Internal Revenue Service. What Kind of Records Should I Keep When the business account is the ledger for income and expenses, filling out Schedule C or Form 1120 is straightforward, and there is a paper trail if the return is questioned.
What to Handle After the Account Is Open
Formally designate every person authorized to write checks, initiate transfers, or withdraw funds. Banks rely on the signature card and authorization records to decide who can move money, so keep this list current when partners or officers come and go.
Keep the account active. An account with no customer-initiated activity for three to five years is generally considered abandoned under state unclaimed-property laws, and the bank turns the balance over to the state treasurer.8OCC HelpWithMyBank.gov. Why Is My Account Being Turned Over to the State Treasurer Recovering funds from the state is possible but slow.
If the account earns $10 or more in interest during the year, the bank will send you a Form 1099-INT reporting that income to you and the IRS.9Internal Revenue Service. About Form 1099-INT, Interest Income You are responsible for reporting the interest on your business return regardless of whether the form arrives.
Tell the bank when the business changes. A new address, a change in ownership, added or removed members, or a name change all require updated documentation. Failing to keep the bank informed can result in frozen transactions or, in serious cases, account closure.