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How to open a business checking account
Find out what you need to open a business checking account and how to get started. Presented by Chase for Business.
As a business owner, you undoubtedly have a lot on your plate, and sometimes it may seem a bit overwhelming. But keeping track of your business expenses doesn’t have to. A business checking account can help you easily separate and manage all your business deposits and expenses. By being prepared and knowing exactly what is needed to apply to open the account, you’ll be up and running in no time.
Who can open a business checking account?
The type of business ownership you have dictates who needs to be present when opening a business checking account. Use the list below to understand who will need to be available so there are no surprises. Keep in mind: In addition to the individuals below, all authorized signers to the account must also be present when opening an account in person. You can also open many accounts online, however the same individuals may need to be available to provide information or to sign documents electronically.
- Corporation: President, Secretary, Assistant Secretary or Acting Secretary (for non-profit corporations, a minimum of two non-voting board members is required if there are no voting members)
- LLC: all Members or Managers (If one of the Members or Managers is another business, an authorized representative of that business must also be present)
- Partnership: all General Partners (if one of the General Partners is another business, an authorizing representative of that business must also be present)
- Sole proprietorship with one owner: only the owner
- Spousal sole proprietorship: both owners
- Sole proprietorship living trust: the trustee(s)
- Sole proprietorship with a power of attorney: only the agent
- Unincorporated Business Association or Organization: either Secretary or Acting Secretary
What information is needed to open a business checking account?
When applying to open a business checking account, you’ll need to give the bank some basic information about your business, most of which you likely already know, including:
- Business address
- Business phone number
- Nature of your business
- Number of locations
- Number of employees
- Annual sales in dollars
- Where products and services are sold
- Locations of suppliers and vendors
- Types of transactions and volumes you expect to process through your new account
What documents are required to open a business checking account?
Before going to the bank, make sure you have all the required documents. Below is the information you’ll need to apply to open a Chase business checking account, but the requirements are typically the same for any bank.
You’ll need two forms of identification, and one of them must be a primary government-issued ID. If a person with power of attorney is opening the account, they must also provide the owner’s personal ID or a photocopy of the owner’s personal ID.
Primary government-issued ID examples:
- For U.S. citizens: state-issued driver’s license, state-issued ID card, passport
- For non-U.S. citizens, permanent residents: Permanent Resident Card (green card)
- For non-U.S. citizens, non-permanent residents: passport or Matricula Consular card
Secondary ID examples:
- For everyone: credit or debit card with embossed name, employer identification, utility bill
Tax identification number
You also need one of the following tax identification numbers to open a business checking account:
- Social Security number
- Individual taxpayer identification number (for non-U.S. citizens)
- Employer Identification Number (EIN)
Other types of documents you’ll need will vary depending upon the state where the business is located.
If you’re doing business as another name, one of these documents may be an Assumed Name Certificate, also known as a Trade Name Certificate, Fictitious Business Name Statement or DBA. You may also need to provide your assumed name application or filing receipt, copy of the published newspaper entry announcing your formation or your business license.
NOTE: This type of certificate isn’t required for businesses in Alabama, Alaska, Hawaii, Kansas, Mississippi, New Mexico, South Carolina, Tennessee, Wisconsin and Wyoming; for sole proprietors operating a business using the owner’s last name in California, Indiana, Kentucky and Texas or for Nonprofit Unincorporated Business Association or Organization in CA..
Open your business checking account today
Once you have all the documentation and information you need, you can apply to open a business checking account in no time. Speak with a business banker to determine which type of account is best for your needs.