View Full Version : opening a business account at the bank, a couple of questions
Green Grass and More
04-27-2006, 11:33 PM
I want to go and open a business account at my local bank so I have somewhere to deposit the checks I'm going to be getting. My question is do I need anything when I go in? Any special forms or documents or is it like opening a personal savings or checking account? I just don't want to go in there looking like an idiot not having some important piece of paper or something. I know some people will think this is a stupid question but I would appreciate an answer as I have no clue. Thanks.
04-27-2006, 11:40 PM
you will need your tax number.
04-28-2006, 12:05 AM
If you have a tax I.D. number you will need that or you can just use your social security number. If you have a business name other than your full first and last name, you most likely will have to show them proof of having registered this name with the state(at least this is how it is in Minnesota).
04-28-2006, 09:30 PM
in NY you need a bunch of **** call up the bank... i had to bring my corporate book with my corporate stamp, tax id #, and a few other things
04-28-2006, 11:06 PM
the credit union I use only asked for my tax ID # and business info.
04-28-2006, 11:13 PM
Bring your business license, driver's license, SSN and EIN and at least a thousand dollars cash just in case.
Some banks nowadays offer free business checking with no minimums but for a new business and in some places, sometimes it's only free with a minimum balance of a thousand, is why I'm saying. On that note, shopping around pays off as does asking someone in your area: If you don't know anybody, make sure you tell the bank lady or guy you are a very small business in need of a small business checking account for low volume or the most reasonable, and you'd like to check out the options along those lines.
05-10-2006, 07:00 AM
In Colorado: A business (Inc.) must have A FEIN # (Contact the IRS for one) As well as a Corporate Resolution from the Board of Directors giving permission to open a Bank Account at a specific Bank. Some Banks Require this on the Company Letterhead.
A Sole-Prop must file a doing business as with the Dept of Revenue then take that # along with a FEIN # to the Bank. Some banks have no minimum Opening Deposit.
This has been my experience, others may vary. Call some banks and ask. That’s your best bet. Good Luck, T.M.
Green Grass and More
05-11-2006, 10:19 PM
Thanks all, I'm going to call the bank tomorrow and see what they have to say. I hope it's easy enough to do as I have checks coming in to my business and I can't deposit them into my personal account.
05-15-2006, 10:58 PM
create a BUSINESS. contact your secretary of state, ask them what it takes to get an LLC going.
Then, get a federal tax id number. then, keep your assets somewhat separate.
someday you might get sued, and separation somewhat protects you.
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