Bank accounts

Discussion in 'Starting a Lawn Care Business' started by adam underwood, Oct 2, 2004.

  1. adam underwood

    adam underwood LawnSite Member
    Posts: 45

    im new to the business also, im looking to start-up this spring. Im planning on doing some snow removal and hopefully some fall cleanups to make some start-up capital. id like to opne a business checking account to start keeping everything seperate. What things do i need to know before i go and open an account? do i need a tax id? do i need any proof of insurance?

    thanks
    adam
     
  2. HOOLIE

    HOOLIE LawnSite Gold Member
    Posts: 3,981

    Adam,

    Typically if you are working solo you can just use your SSN rather than getting a separate tax ID. Once you start to hire people and so on you'll need one of those. I believe if you do a search on the IRS website you can find the criteria for when you have to get a separate tax ID.

    Honestly, I can't remember if my bank needed any proof of anything. I went on the same day and got my biz license, registered the name, opened the bank account and opened a PO box. It was all a blur of excitement at the time. I'd just call the bank and ask.

    Best of luck!
     
  3. wagner17

    wagner17 LawnSite Member
    Posts: 67

    Most banks require a copy of your business license if you are going to open up a business checking account.
     
  4. drsogr

    drsogr LawnSite Bronze Member
    Posts: 1,275

    All I needed was my S.S. and a business name for a sole proprietorship.
     
  5. Throgmorton

    Throgmorton LawnSite Member
    Posts: 52

    I am a part-time LCO and work at a large regional bank as the commercial lender. All you need is your driver license, Social Security # and your business name if you are going to be a sole proprietor. Example- Name-Joe Blow DBA(doing business as) Joe Blow's Lawn Service.
     

Share This Page