opening a business account at the bank, a couple of questions

Discussion in 'Business Operations' started by Green Grass and More, Apr 27, 2006.

  1. Green Grass and More

    Green Grass and More LawnSite Member
    Messages: 26

    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.

  2. greenjack

    greenjack LawnSite Member
    from MI
    Messages: 20

    you will need your tax number.
  3. Watkinslawnservice

    Watkinslawnservice LawnSite Senior Member
    Messages: 378

    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).
  4. JJLandscapes

    JJLandscapes LawnSite Senior Member
    Messages: 682

    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
  5. dtelawncare

    dtelawncare LawnSite Member
    Messages: 227

    the credit union I use only asked for my tax ID # and business info.
  6. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    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.
  7. DadsLawnCareInc

    DadsLawnCareInc LawnSite Member
    Messages: 13

    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.
  8. Green Grass and More

    Green Grass and More LawnSite Member
    Messages: 26

    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.

  9. drmiller100

    drmiller100 LawnSite Senior Member
    Messages: 562

    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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