One of the first things you’ll want to do after starting your business is to open a business banking account.
You’ll want a business bank account to run all customer payments through, even if you’re a sole proprietor, so that you can keep your business and personal finances separate. This is crucial for good bookkeeping and accounting.
You’ll also need a business banking account to set up any kind of debit or credit card processing.
Here’s what you’ll need to bring to the bank when you open a business bank account.
Businesses with multiple owners typically need to include personal details and identification for every owner with 25% or more ownership in the business.
If you are a sole proprietor or a single person LLC, and you do not have an EID, you’ll use your social security number.
Here are the formation documents you’ll need by structure type
Today, most personal checking accounts are free, but many business banking accounts require a minimum balance or fees.