What banks ask for when you open a business account
Banks need to verify who owns the business, confirm the business exists as a legal entity, and check that you are who you say you are. The exact list varies by bank and by the structure of your business — a sole proprietorship needs different paperwork than an LLC or corporation. Most banks will ask for a government ID, proof of your business name and address, and documentation of your ownership stake.
The core documents fall into three categories: your personal identity, your business identity, and your tax information. Some banks ask for all three before opening the account. Others will open the account with fewer documents and ask for the rest within 30 days. Calling ahead to ask what your specific bank requires saves a trip.
Key Takeaways
- You will need a government-issued photo ID and a Social Security number or EIN to open any business bank account.
- Banks require proof that your business exists as a legal entity, which means your articles of incorporation, LLC formation documents, or a DBA filing depending on your business structure.
- Sole proprietors often need only an ID and SSN, while LLCs and corporations must bring formation documents and sometimes a business license.
- Some banks ask for a business tax ID number (EIN) before opening the account; others issue one to you during the process.
- Bring your business address, phone number, and the names and ownership percentages of all owners or members.
Personal identification documents
Every bank requires at least one government-issued photo ID from the person opening the account. A driver's license, passport, or state ID card all work. The bank will photocopy it or scan it into their system. If you are opening the account in person, bring the original. If you are opening it online or by mail, you may need to upload a photo or send a copy.
You will also need your Social Security number. The bank uses this to run a background check and to report account activity to the IRS. If your business is structured as an LLC or corporation, you may also need an Employer Identification Number (EIN), which is a nine-digit tax ID issued by the IRS. You can get an EIN for free from the IRS website or by phone before you open the account, or some banks will help you apply during the account-opening process.
Business structure and formation documents
What you bring depends on how your business is legally organized. A sole proprietorship — a business owned and run by one person with no separate legal entity — often requires only your personal ID and SSN. Some banks will ask you to bring a DBA (doing business as) certificate if you are using a name other than your own, though not all banks require this.
An LLC (limited liability company) requires your articles of organization, which is the document you filed with your state to create the LLC. Bring the original or a certified copy. The bank will want to see the formation date, the registered agent, and the names of all members. If the LLC has more than one member, the bank may ask for an operating agreement showing each member's ownership percentage, though some banks do not require this.
A corporation (C-corp or S-corp) requires your articles of incorporation, filed with your state. You will also need to bring corporate bylaws and a corporate resolution authorizing the account opening. The resolution is a document signed by the board of directors stating that the corporation has decided to open a bank account and naming who is authorized to sign checks. If you do not have a resolution yet, the bank can often provide a template.
A partnership requires your partnership agreement and documentation showing each partner's ownership stake. If you filed a DBA with the state, bring that as well.
Business address and ownership information
Banks need a physical business address. This can be your home address if you run the business from home, a commercial office, a shared workspace, or a registered agent address. Have this ready before you go to the bank. You will also need a business phone number, which can be your personal cell phone if that is how you conduct business.
If the business has more than one owner, bring the name, address, phone number, and ownership percentage for each owner. The bank uses this to verify that all owners have consented to the account and to identify who can sign checks or make withdrawals. If an owner is not present at the account opening, the bank may ask for a signed authorization from that person.
Tax identification and business license information
If you already have an EIN, bring the IRS letter that confirms it. If you do not have one yet, you can apply before opening the account (takes about 15 minutes online at irs.gov) or ask the bank to help you apply during the account-opening process.
Some banks ask for a business license or permit, especially if your business requires one by state or local law. Examples include licenses for food service, construction, professional services, or retail. If your state or city requires a license for your type of business, bring it. If your business does not require a license, you do not need to bring one.
A few banks ask for a business plan or proof of business activity, particularly if you are opening a business account before the business has been operating. If the bank asks, a simple one-page description of what the business does and how you plan to use the account is usually enough.
What happens if you do not have all documents yet
Many banks will open an account with incomplete documentation and give you 30 days to provide the rest. This is common for new businesses that have not yet received their EIN letter or have not filed all paperwork with the state. Ask the bank upfront what documents are required to open the account versus what can be provided later.
If you are missing a critical document — such as your ID or proof of business formation — the bank will not open the account until you bring it. If you are waiting for state paperwork to arrive, you can often provide a receipt showing you filed the paperwork, and the bank will accept that temporarily.
Frequently Asked Questions
Can I open a business account online without going to the bank in person?
Many banks offer online account opening for business accounts, but they still need to verify your identity. You will usually upload photos of your ID and business documents, and some banks require a video call to confirm who you are. The process takes a few days to a week. Call your bank to ask whether they offer online opening and what documents they need you to upload.
Do I need an EIN before I open a business bank account?
Not always. Sole proprietors can use their Social Security number instead of an EIN. LLCs and corporations typically need an EIN, but some banks will open the account and help you apply for one during the process. Check with your bank first — if they require an EIN upfront, you can get one free from irs.gov in about 15 minutes.
What if I do not have a business license yet?
Most banks do not require a business license to open an account. If your type of business requires a license by law (food service, construction, real estate, etc.), the bank may ask for it. If your business does not require a license, you do not need one to open the account.
Can someone else open the business account for me if I cannot go in person?
Usually not. The bank needs to verify the identity of the person opening the account, so you will typically need to be present in person or on a video call. Some banks allow a co-owner or authorized representative to open the account if they bring a signed power of attorney from you, but policies vary. Call ahead to ask.
How long does it take to open a business bank account?
In person, it usually takes 30 minutes to an hour. Online, it takes a few days to a week for the bank to verify your documents and activate the account. You can usually start using the account (depositing checks, transferring money) within one to three business days after approval, though some banks hold new accounts for a few days before allowing withdrawals.