CONTENT

  DEPARTMENTS



  DETAILS
Legend for Icons
 Article    Q&A

 Podcast  Video

 Blog  Discussions

PDF    Powerpoint
BankingQuestions.com Web

  Home >> Accounts >> Business Accounts  
Documentation Needed to Open a Business Account

What documentation do we need to take to the bank in order to open a deposit account for a business?


You will need evidence of existence. For creatures of statute, (corporations, LLCs and Limited Partnerships) evidence of existence can be a certificate of good standing from your Secretary of State's (SOS) Office or a simple trip to the SOS web site if it allows the bank to verify your existence electronically. For sole proprietorships and general partnerships, verification consists of copies of business licenses, DBA certificates, sales tax licenses and a variety of other routine documents.

The bank will need your taxpayer identification number. If you're a sole proprietorship or single-member LLC, that number may be your social security number. If it's any other form of business, you should have a letter from the IRS that assigned an Employer Identification Number to the business.

Finally, you'll need to be able to provide a certification that your business's governing body (board of directors if it's a corporation, for example) has authorized the opening of a deposit account and naming the individuals who may open and operate the account for the business. The bank is likely to provide you a form for that vote. You should complete it and have the appropriate meeting to adopt the vote before opening the account. Contact the bank to find out if it has any unique documentation requirements for the opening of business accounts.

Published on BankingQuestions.com 7/28/06