When opening a checking account for your business, there are a few documents you’ll want to have on hand to verify business information and streamline your application process. While some applications may ask for specialized documents, most requirements overlap. In this article, you’ll learn which documents are typically required to open a business checking account, as well as how to open a business checking account online.
Key takeaways
- A business checking account separates your personal and business finances, which helps you prepare taxes, build business credit, and protect yourself from risk.
- All banking providers require a tax ID, personal ID, and proof of registration. Additional documents depend on whether you run a sole proprietorship, LLC/corporation, or partnership.
- Prepare all your documents before applying to avoid delays and unfinished applications.
What is a business checking account?
A business checking account is a banking account with which a company can make financial transactions. They can be used by sole proprietorships, partnerships, LLCs, corporations, or non-profits.They’re provided by traditional banks and financial technology companies, and are also known as business checking accounts.
Do I need a business checking account?
On the surface, a business checking account simply makes it easier to separate your personal and business finances and manage business cash flow. But there are other important benefits for you as an owner—for example, a business checking account allows you to:
- Streamline your taxes. Separating your finances makes it easy to report earnings and claim tax deductions. Many business checking accounts sync with accounting platforms like QuickBooks and Xero.
- Build business credit. Establishing a business checking account (preferably with a credit card) is the easiest way to build business credit, which helps you qualify for loans.
- Establish trust. Sending and receiving payments to an account in your business’s name builds credibility with vendors and customers.
- Protect your owners from risk. If your business is an LLC, LLP, or corporation, separating your finances establishes it as a separate legal entity, protecting your personal accounts from audits and liability.
What documents do I need to open a business checking account?
Below, we’ve listed the documents and information you’ll need in order to verify your business when applying for a business bank account. These details are required, in addition to providing information about yourself, such as your SSN and full legal name, which are used to verify your identity.
To help you navigate the process of opening a business bank account as smoothly as possible, we’ve broken down the list of requirements into several categories: things every business needs to apply, and things you’ll need depending on your business type.
What documents do I need to open a business checking account?
Opening a business checking account requires you and your checking provider to verify information about you and your business. To help you open a business checking account as smoothly as possible, use the checklist of documents below to prepare for your business checking application:
- Tax ID (EIN and/or SSN).
- Personal IDs for each owner, partner, or member with 25% or more ownership stake
- A business registration document that shows your business information as registered with your Secretary of State, such as Articles of Organization/Incorporation, Partnership Agreement, or DBA certificate
| Required document | What it’s for | What you can use |
|---|---|---|
| Tax ID (EIN and/or SSN) | Your business’s federal tax identification | – For sole prop or single‑member LLC: use SSN – For multi‑owner businesses: Apply for an EIN with the IRS |
| Personal IDs | Verifies the personal identity of each person who owns at least 25% of your company | – For all business types: use driver’s license, state ID, or passport |
| Business registration document | Verifies your business information as registered with your Secretary of State | – For sole prop: use DBA/Certificate of Assumed Name (if you operate under a trade name) – For General or Limited Partnership: use Partnership Agreement – For LLC: use Certificate of Incorporation – For corporations: use Articles of Organization – For LLP: use Certificate of Formation |
Tax ID: EIN and/or SSN
Your EIN, or Employer Identification Number, is issued by the IRS when you file for a tax ID for your business. For sole proprietors and single-member LLCs, it’s possible that you don’t have an EIN, in which case your SSN can be used as your tax ID when opening a bank account. Keep in mind that if your business has multiple owners, you’ll need the SSN for each business owner when opening your account.
Personal IDs
You’ll always be required to verify your personal identity. Be prepared to do this using a driver’s license or other state-issued ID.
Business registration document
Your business validation document refers to the official business registration as approved by and registered with the state where your business is located. This document verifies your business as one recognized by the state. Depending on the industry you’re in, as well as your business location, you may also be required to obtain a business license, which may need to be submitted along with your business registration when opening an account.
Certificate of Assumed Name, or “DBA”
If you own your business but sometimes operate under a different trade name, you’ll need to register it using a Certificate of Assumed Name, often called a “Doing Business As” name. This is common for Sole Proprietorships.
Ownership agreements
If your business has more than one owner, you’ll need to submit ownership agreements, which you may have already done, depending on your business type. In addition to these agreements, make sure you’re ready to provide the following information for each additional owner: 1) first and last name, 2) date of birth, 3) SSN, 4) mailing address, and 5) percentage of ownership. In unique cases, you may also need to provide a copy of each partner’s driver’s license to verify all of the aforementioned information.
Open a business checking account online
Most banking providers allow you to apply for an online business checking account on their website, and for most small businesses an online business checking account is the best option. It allows you to keep track of everything from your phone or computer, which is ideal when your business keeps you busy during regular operating hours.
Compare different business checking accounts for fees, transaction limits, annual percentage yield (APY), accounts payable tools, and the quality of their mobile banking. By preparing digital copies of your Tax ID, owner personal IDs, and a business registration document, you’ll be ready to complete your business checking application and, if approved, fund your new account faster.
Earn more, pay less, and run your business from anywhere with Bluevine Business Checking.
FAQs
What documents are required to open a Bluevine Business Checking account?
Required documentation to open a Bluevine Business Checking account falls into three categories:
- Tax ID: EIN confirmation letter or SSN
- Personal IDs: For you and anyone who owns 25% or more of the business, a government-issued driver’s license or state ID
- Business registration document: Depending on your business type, a DBA name, Partnership Agreement, or Articles of Incorporation / Organization
Click here to learn more about Bluevine Business Checking account requirements.
Is Bluevine Business Checking a bank account?
Bluevine is a financial technology company, not a bank. Bluevine Business Checking is a full-service business checking account. Banking services associated with Bluevine Business Checking accounts are provided by Coastal Community Bank, Member FDIC.
