Tuesday, October 17

How to Open a Small Business Account

What’s Up, Young Boss!

Having a business account is a great way to keep your personal money and business money separate, even if you are running a sole proprietorship. A business account is absolutely necessary when your business has partners and staff. At this point, the business is its own entity and the account does not belong to one person, but to the stakeholders of the business.

Below are 5 things that you will need to set up your small business account:

2 forms of ID: Driver’s License, Passport, Bank Card, etc.

A Tax ID (EIN): Go to IRS.gov site and apply for an Employer Identification Number (EIN). It takes 5 minutes to apply for an EIN and receive your number.

Registration Documents from your State: When you register your business, (sole proprietor, partnership or corporation), you will receive official documents in the mail to confirm that your business was successfully filed with the state.

Proof of Income (optional): Depending on which bank you choose, you might need to show that your business is capable of making money. It would not hurt to provide sales information with your application.

Opening Deposit: Depending on your bank, you may have to give a deposit of $5 or $50 to open your account.

 

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