Documents and information you'll need before you walk in
Most banks want the same core set of documents: your Employer Identification Number (EIN) or Social Security Number if you're a sole proprietor, proof of your business address, a government-issued ID, and your Social Security Number for a personal credit check. Some banks also ask for a business license or articles of incorporation, depending on your business structure.
The exact list varies by bank and by what kind of business you're running. A sole proprietorship needs less paperwork than an LLC or corporation. A new business with no history needs different documents than an established one. Call the bank's business services line before you go in — they'll tell you exactly what to bring for your specific situation.
If you don't have an EIN yet, you can get one free from the IRS online at irs.gov, by phone, or by mail. It takes minutes online. If you're a sole proprietor, you can use your Social Security Number instead, but many banks prefer an EIN because it keeps your personal and business finances more clearly separated.
Key Takeaways
- You need a government-issued ID, proof of your business address, and either an EIN or Social Security Number — these three things are required at nearly every bank.
- Your business structure (sole proprietorship, LLC, corporation) determines what additional documents the bank will ask for, so know your structure before you call.
- If you don't have an EIN, you can get one free from the IRS in minutes online at irs.gov.
- Different banks have different requirements, so call ahead to the specific bank's business services department and ask what they need for your type of business.
- Sole proprietors can use their Social Security Number instead of an EIN, but using an EIN keeps your personal and business finances more separate.
What your business structure determines
If you're a sole proprietor (you own the business by yourself with no formal business entity), most banks will let you open an account with just your Social Security Number, a personal ID, and proof of your business address. Some banks still ask for an EIN even for sole proprietors, so confirm when you call.
If you have an LLC, S-corp, or C-corp, the bank will ask for your articles of incorporation or articles of organization — the document that officially created your business entity. You'll also need an EIN (the IRS assigns one automatically when you form an LLC or corporation). The bank may ask for a copy of your business license or a certificate of good standing from your state's Secretary of State office.
If you're a partnership, you'll need the partnership agreement and an EIN. Some banks also ask for the Social Security Numbers of all partners.
Proof of business address and identity
For your business address, bring a recent utility bill, lease agreement, or property tax statement that shows your name and the business address. A PO box does not count as a business address at most banks — they want a physical location. If you work from home, your home address works fine.
For your personal identity, bring a government-issued photo ID: a driver's license, passport, or state ID card. The bank will also run a personal credit check using your Social Security Number, so be prepared for that inquiry to show up on your credit report.
What happens if you don't have everything yet
If you haven't formed your business entity yet, you can still open a business account as a sole proprietor using your Social Security Number. You can upgrade to an EIN later and update your account information. This is common for people starting out — you don't have to wait for paperwork to be filed before you open the account.
If you don't have a business address yet (for example, you're still in the planning stage), some banks will let you use your home address temporarily. Call ahead and ask whether the bank will accept a home address for a business account, because policies vary.
If you're missing your business license or articles of incorporation on the day you go in, ask the bank whether you can provide it later. Many banks will open the account and let you send the missing document within a few days or weeks. Get this in writing or confirm it by email so you have a record of what they said.
Information about your business the bank will ask for
Beyond documents, the bank will ask you questions: What does your business do? How long have you been in business? What is your expected monthly deposit volume? Do you expect to write many checks, or will you mostly receive deposits? Some banks ask about your annual revenue or number of employees.
These questions help the bank decide which account tier to offer you and whether to approve you. Be honest. Banks can see your business history if you've been operating for a while, and lying about revenue or business type can get your account closed later.
If you're brand new and have no revenue yet, say that. Many banks have accounts specifically for startups. If you're transitioning from a personal account to a business account because your side business is growing, explain that too — it's a normal situation.
What you don't need to bring
You don't need a business plan, tax returns from previous years (unless the bank specifically asks), or a business credit report. You don't need to have made your first sale or earned any revenue. You don't need a business website or business cards, though having them doesn't hurt.
You don't need to have filed taxes yet. If you're opening an account for a brand-new business that hasn't operated yet, that's fine — just bring your ID, proof of address, and your EIN or Social Security Number.
Frequently Asked Questions
Can I open a business account online without going to a branch?
Some banks let you open a business account entirely online, but most still require you to come in or do a video call to verify your identity and sign documents. Online-only banks (like Square Cash for Business or Novo) have simpler processes, but they may have fewer features than traditional banks. Check the specific bank's website to see whether they offer online opening for business accounts.
Do I need a separate business license to open a business account?
No. A business license is not required to open an account at most banks. Some banks ask to see one if you have it, but they won't turn you down if you don't. If your state or city requires a business license for your type of work, you should get one anyway for legal reasons — but the bank won't make you have it before you open the account.
What if I'm opening an account for a business I haven't officially formed yet?
You can open a sole proprietor account using your Social Security Number and personal ID. Once you form an LLC or corporation later, you can update your account to reflect the new business structure and get an EIN. You don't have to wait for paperwork to be filed before you start banking.
Will opening a business account hurt my personal credit?
The bank will run a personal credit check, which shows up as a hard inquiry on your credit report and may lower your score slightly. However, a business account itself does not appear on your personal credit report — only the inquiry does. Your business credit is separate and builds over time as you pay business bills and loans.
Can I use a PO box as my business address?
Most banks will not accept a PO box as your business address. They want a physical street address where your business actually operates. If you work from home, use your home address. If you rent office space, use that address. Some banks may make exceptions, so ask when you call.