Business Type Specifics
How Requirements Vary for Different Business Types
Here’s a basic overview of what you’ll need to open a business bank account based on your entity type:
Sole Proprietorships
- Social security number (okay for sole proprietorships only) or EIN
- Personal identification
- Business license with the name of the business and the owner’s name(s)
- Certificate of assumed name/DBA
- Monthly credit card revenue (for merchant accounts)
Partnerships
- EIN
- Personal identification
- Business license
- Certificate of assumed name/DBA
- Partnership agreement with the name of the business and its partners
- Organizing document filed with the state (for limited partnerships or limited liability partnerships)
- Monthly credit card revenue (for merchant accounts)
Limited Liability Companies
- EIN
- Personal identification
- Business license
- Certificate of assumed name/DBA
- LLC operating agreement with the name of the business and its partners
- Articles of organization
- Monthly credit card revenue (for merchant accounts)
Corporations
- EIN
- Personal identification
- Business license
- Certificate of assumed name/DBA
- Corporate bylaws
- Articles of incorporation
- Monthly credit card revenue (for merchant accounts)
