The process of opening a business bank account may vary slightly depending on how your business is organized. In addition, different financial institutions may have varying application requirements. Still, there are certain steps that you’ll need to take regardless of the institution that you’re applying to. In this post, we’ll review the steps you must take to get your business account up and running, whether your business is a sole proprietorship or a corporation.
3 Steps to Take In Order to Open a Business Bank Account
1. Gather Your PaperworkAs with most interactions with a bank, opening a business bank account requires some paperwork. The amount and type of paperwork you need depends on whether your business is organized as a limited liability company, a corporation, a general partnership, a limited liability partnership, or a sole proprietorship. However, regardless of your organization type, you’ll need a government issued picture ID, your business's registration documents, and your business license (if you’re required to have one). If you’re a sole proprietor, those documents are all you need, unless you’re doing business under a name other than your own. In that case, a bank like Wells Fargo would require one of the following:
- Fictitious Name Certificate or Statement
- Certificate of Assumed Name
- Registration of Trade Name
- Business License