What documents do I need to open a business checking account?
What documents do I need to open a business checking account?
Opening a business bank account requires proof of identification for both you and your business. Examples include your state-issued driver’s license or passport, your business license or your partnership agreements. Your business also may need to provide additional materials.
Do you need an EIN to open a business bank account?
Federal Tax ID Number (EIN): As an LLC, it is subject to federal taxation. You will need to present an EIN from the IRS before opening any business bank account.
Does LLC need its own bank account?
A corporation or limited liability company (LLC), however, is a legal entity separate from its owner. That entity needs its own bank account to maintain legal separation between owner and business, protecting the owner from legal liability.
How much does an EIN cost?
free
Getting an EIN (employer identification number) does not cost any money, it is a free service offered to businesses by the Internal Revenue Service. There are a few ways to obtain an EIN but the easiest and most common way is by applying online.
What does an LLC need to open a bank account?
Details you’ll need to apply online:
- Name and address of business.
- Business tax ID number: Business Employer Identification Number (EIN) provided by the IRS in the following 9-digit format XX-XXXXXXX, or, if the LLC is a single member LLC, the EIN of the company or the Social Security Number (SSN) of the single member.
How does a Llc open a business bank account?
What is the difference between a EIN and a LLC?
Your EIN identifies your business for both tax purposes, and it can act as a social security number for a business. A limited liability company (LLC) is a type of business structure that protects business owners from having personal responsibility for the business’ liabilities and debts.
