Documents and information banks require to open a business account

Banks need proof that your business exists and that you are authorized to open an account on its behalf. The exact documents vary by bank and by business structure, but most will ask for your Employer Identification Number (EIN), articles of incorporation or formation, a government-issued ID, and a recent business address. Some banks also want to see a business license or a recent utility bill showing your business location.

If you are a sole proprietor operating under your own name, the requirements are lighter — often just your Social Security number, a driver's license, and proof of address. If your business is a corporation, LLC, or partnership, banks treat it as a separate legal entity and will want documentation that proves it exists and that you have the authority to act for it.

The reason banks ask for these documents is to verify your identity, confirm the business is real, and protect themselves against fraud. They are also required by federal law to collect certain information under Know Your Customer (KYC) rules and anti-money-laundering regulations.

Key Takeaways

  • Every bank will ask for your EIN (or Social Security number if you are a sole proprietor) and a government-issued photo ID.
  • Corporations, LLCs, and partnerships must provide articles of incorporation or formation showing the business is legally registered.
  • Banks typically want proof of your business address, which can be a lease, utility bill, or business license.
  • Some banks require a minimum deposit or charge monthly fees, so compare account types before you visit.
  • Bring originals or certified copies of documents — banks rarely accept photocopies or digital images without verification.

What you need for a sole proprietorship

If you operate as a sole proprietor — meaning you are the only owner and the business is not registered as a separate legal entity — you can often open an account with minimal paperwork. You will need your Social Security number, a government-issued ID (driver's license, passport, or state ID card), and proof of your current address.

Proof of address can be a recent utility bill, lease agreement, mortgage statement, or government mail with your name and address. Some banks accept a bank statement from another account. If you do not have a separate business address and operate from home, your home address is fine — you do not need a commercial space.

Many sole proprietors also obtain an EIN from the IRS, even though it is not required. If you have an EIN, bring it; if not, the bank can often open the account using your Social Security number instead. However, having an EIN keeps your personal and business finances more clearly separated on tax records.

What you need for an LLC, corporation, or partnership

Banks treat these business structures as separate legal entities, so you must prove the business exists and that you have authority to open an account for it. Bring your articles of incorporation (for a corporation) or articles of organization (for an LLC). These are the documents you filed with your state when you registered the business. You can usually download a certified copy from your state's Secretary of State website or request one by mail.

You will also need an EIN, which you can obtain free from the IRS at irs.gov. The bank may ask to see the IRS letter confirming your EIN, though some banks will accept the EIN number alone if you can provide it. If your business is brand new and you have not yet received your EIN letter, call the IRS at 1-800-829-4933 and they can provide your number over the phone.

For partnerships, bring a copy of your partnership agreement and the articles of partnership filed with your state. For corporations, some banks also want to see a corporate resolution or board authorization showing that you (the person opening the account) have been authorized to do so. Ask the bank in advance whether they need this document — not all do.

Personal identification and address verification

Every person who will sign on the account must bring a government-issued photo ID. This is a driver's license, passport, state ID card, or military ID. The bank will copy or scan it. If you are opening the account on behalf of an LLC or corporation, you personally must show ID even though the account belongs to the business.

For address verification, bring a document dated within the last 60 to 90 days showing your name and address. A utility bill, lease, mortgage statement, or recent bank statement all work. If you have moved recently and your ID shows an old address, bring both your ID and a current address document. Some banks will accept a government letter (tax notice, voter registration card, or court document) as proof of address.

If you operate from a commercial address different from your home, bring proof of that address too — a lease, utility bill in the business name, or a letter from your landlord. Banks want to know where the business actually operates, especially if you are applying for a business credit card or line of credit later.

EIN and tax documentation

Your Employer Identification Number (EIN) is a nine-digit number assigned by the IRS to identify your business for tax purposes. If your business is a corporation, LLC, partnership, or S-corporation, you must have an EIN. Sole proprietors can use their Social Security number instead, but many choose to get an EIN for privacy and to keep business and personal finances separate.

You can obtain an EIN free at irs.gov, by phone at 1-800-829-4933, or by mailing Form SS-4 to the IRS. Online applications are processed immediately. When you open the bank account, have your EIN ready. The bank will ask for it and may request the IRS letter confirming it, though this is not always required.

Some banks also ask to see your most recent tax return or a business license, especially if your business has been operating for more than a year. If you are brand new and have no tax return yet, tell the bank that — they understand. If you have a business license from your city or county, bring it; it is not required everywhere, but it strengthens your application.

Minimum deposits and account fees

Before you visit the bank, ask whether the account requires a minimum opening deposit. Some business accounts require $500 to $2,500 to open, while others have no minimum. Some banks waive the minimum if you set up direct deposit or maintain a certain balance. Monthly fees vary widely — some accounts are free, while others charge $10 to $30 per month depending on the number of transactions or the account type.

Compare a few banks before you decide. Call ahead or check their website to see what documents they need and what the account costs. Some banks offer introductory periods with no fees for the first few months, which can help you decide if the account is right for you.

What to bring to the bank

Make a checklist before you go. For a sole proprietorship, bring your Social Security number, government-issued photo ID, and proof of address. For an LLC, corporation, or partnership, bring your articles of organization or incorporation, your EIN (or the IRS letter confirming it), government-issued photo ID for each owner or authorized person, and proof of business address.

Bring originals or certified copies — banks rarely accept photocopies or images sent by email or text. If you are unsure what the bank needs, call the business banking department a day or two before you visit and ask them to confirm. This saves a trip back home for a missing document.

Frequently Asked Questions

Can I open a business account online, or do I have to go to the bank in person?

Some banks allow you to start the process online, but most require at least one in-person visit to verify your ID and sign documents. A few online banks may accept notarized copies of your ID and documents by mail, but this is rare for business accounts. Call your bank to ask whether they offer remote account opening.

What if I do not have an EIN yet?

If you are a sole proprietor, you can use your Social Security number instead. If you are an LLC, corporation, or partnership, you must have an EIN before opening the account. You can obtain one free and instantly at irs.gov, or call 1-800-829-4933 to get your number by phone.

Do I need a business license to open a bank account?

No, a business license is not required by banks. However, if you have one, bring it — it helps verify that your business is legitimate. Some cities and counties require a license to operate, so check your local rules.

What if I am opening an account for a business I just started and I have no tax return yet?

That is normal. Banks understand that new businesses have no tax history. Bring your articles of organization or incorporation, your EIN, and your personal ID. If the bank asks about revenue or how long you have been in business, tell them the truth — you just started.

Can someone else open the account on behalf of my business?

Usually not without a power of attorney or corporate resolution authorizing them to do so. The person opening the account must be an owner, officer, or authorized representative. Bring documentation showing that authorization if someone other than the owner will be present.