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Chances are your company will use more than one. Opening a business account is easy; you can typically apply in minutes as long as you have the right details and documents, especially if you open an account online.
Get documents you need to open a business bank account Employer Identification Number (EIN) (or a Social Security number, if you're a sole proprietorship) Your business's formation documents. Ownership agreements. Business license.
5. Opening deposit. Some banks require an opening deposit, which can range from $5 to $1,000, for example, while others allow you to open an account with $0.
Business owners can open a business checking account online and still have access to in-person banking when they need it. Unlike online banks, traditional banks often place caps on free transactions and deposits, and many charge a monthly fee but offer ways to waive it.
Documents that qualify include: A federal tax ID number for the business, such as an employer identification number. A combination of your Social Security number and state or local authority documents that show you've formed a legal entity, such as a limited liability company (LLC) The bank's minimum deposit amount.
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Details you'll need to apply online: Name and address of business. Business tax ID number: Business Employer Identification Number (EIN) provided by the IRS in the following 9-digit format XX-XXXXXXX. Date business was established (month/year) Country and state of legal formation (must be formed in the US)
Opening a business bank account often takes just a few minutes, but it's important to be prepared and know what kind of account you should get, the possible fees that may apply with that account, where you should get it, and what documents you'll need to apply.
You generally can't open a business bank account with only an EIN. Most banks also require additional documentation such as articles of incorporation, IRS Form 1040, and a business license.

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