{"id":1388,"date":"2020-05-14T11:40:42","date_gmt":"2020-05-14T16:40:42","guid":{"rendered":"https:\/\/northone.com\/blog\/?p=1388"},"modified":"2023-05-16T14:53:41","modified_gmt":"2023-05-16T19:53:41","slug":"how-to-open-a-business-bank-acccount","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-a-business-bank-acccount","title":{"rendered":"How to Open a Business Bank Account"},"content":{"rendered":"\n<p>In the past, business bank accounts offered very little value for small businesses. Traditionally, banks tended to focus on larger clients and didn\u2019t make time for businesses that weren\u2019t giant corporations. Small businesses were paying high fees only to be overlooked and undervalued.<\/p>\n\n\n\n<p>But times have changed. Thanks to a more competitive banking market, and the arrival of digital banks in the U.S., small businesses can expect a better and more personalized service.&nbsp;<\/p>\n\n\n\n<p>Many of these newer banks were built with the specific needs of small businesses in mind. These banks have the capacity to adapt over time to meet the changing needs of small business owners.&nbsp;<\/p>\n\n\n\n<p>With so many great options available, opening a bank account for your business is a no-brainer. In this article, we\u2019ll help you understand what type of bank account is right for your business and show you how to open an account in a few easy steps.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Business_Bank_Accounts_Are_Available\"><\/span><strong>What Business Bank Accounts Are Available?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Business_Bank_Account\"><\/span><strong>Business Bank Account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Most businesses will benefit from having a business bank account. The main advantage is that it allows you to separate your business finances from your personal ones. Whether you&#8217;re a <a href=\"https:\/\/www.northone.com\/our-customers\/freelancer\">freelancer<\/a> or sole proprietor, this will save you a lot of time and energy come tax time and allow you to more easily key an eye on bookkeeping.&nbsp;<\/p>\n\n\n\n<p>When it comes to selecting a bank to open an account for your business, check out what extra <a href=\"https:\/\/www.northone.com\/product\/features\">features<\/a> they offer. Digital banks like North One are built specifically to help small businesses and are constantly adding new features that will make running your business easier.&nbsp;<\/p>\n\n\n\n<p>Some of the benefits of a bank account for <a href=\"https:\/\/www.northone.com\/customers\">small businesses<\/a> include:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Multiple Logins<\/strong>\u2014 If you have more than one key stakeholder in your business, or you want to allow access to employees like bookkeepers, business bank accounts offer multiple logins.&nbsp;<\/li>\n\n\n\n<li><strong>User limitations<\/strong>\u2014 If you do give access to multiple people but don\u2019t want them to have the ability to authorize payments or transfer money, business bank accounts often allow you to set up user limitations.&nbsp;<\/li>\n\n\n\n<li><strong>Subaccounts<\/strong>\u2014 Not all business bank accounts offer this feature but it\u2019s definitely a benefit if they do. This will help you save for things like payroll and tax time.&nbsp;<\/li>\n\n\n\n<li><strong>Invoicing feature<\/strong>\u2014 This is a feature offered almost exclusively by North One. Imagine how easy getting paid would be if you could send invoices, track, and send reminders all from your bank account.&nbsp; <\/li>\n<\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<span class='mb-center maxbutton-3-center'><span class='maxbutton-3-container mb-container'><a class=\"maxbutton-3 maxbutton maxbutton-apply-for-an-account\" target=\"_blank\" title=\"Apply for a North One Account in less than 3 minutes.\" rel=\"nofollow noopener\" href=\"https:\/\/join.northone.com\/\"><span class='mb-text'>Apply for an Account<\/span><\/a><\/span><\/span>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Merchant_Bank_Account\"><\/span><strong>Merchant Bank Account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you are a business that uses a POS system and you are receiving consistent, lucrative income from sales, then a merchant bank account is something you\u2019ll want to consider.&nbsp;<\/p>\n\n\n\n<p>This should be set up in addition to a business bank account. You don\u2019t want to be dipping into your merchant bank account sporadically as this makes it difficult to keep track of your sales and profits. Instead, you can have your merchant account automatically transfer money into your business account on a scheduled basis.&nbsp;<\/p>\n\n\n\n<p>To set up a merchant account you will need to provide a bank history, length of time in business, the credit history of the business owners, and documentation of previous bank accounts.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_documents_do_I_need_to_open_a_business_bank_account\"><\/span><strong>What documents do I need to open a business bank account?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>So now that you understand the benefits of a business bank account, how do you go about setting one up? This will depend on the structure of your business. The most common business structures in the US are sole proprietorships, partnerships, limited liability corporations and regular corporations.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sole_Proprietorship\"><\/span><strong>Sole Proprietorship<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A sole proprietorship is a business that is owned by a single person. You are entitled to all profits and are responsible for all your business\u2019s debts, losses, and liabilities. As a sole proprietor, you are not legally required to have a business bank account, but that doesn\u2019t mean having one won\u2019t greatly benefit your business. A business bank account will help you keep track of your payments and transactions, making things a lot easier come tax time.&nbsp;<\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">To open a bank account as a sole proprietor you will need the following documents:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SSN<\/li>\n\n\n\n<li>Personal identification&nbsp;<\/li>\n\n\n\n<li>Certificate with name and date of birth<\/li>\n\n\n\n<li>Business license<\/li>\n\n\n\n<li>Monthly credit card revenue if opening a merchant account&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Partnership\"><\/span><strong>Partnership<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A partnership is a business owned by two or more people. Similar to a sole proprietorship, the owners in a partnership are not separate from their business and share profits, responsibilities, and liabilities. If you are forming a business with other people, it is important you open a business bank account so business and personal finances are separate and all owners have access to this account.&nbsp;<\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">For starters, <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/do-i-need-an-ein-to-open-a-business-bank-account\">you need an EIN to open a business bank account<\/a> for a partnership. You will also need the following information for each of the owners:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Personal identification<\/li>\n\n\n\n<li>Business license<\/li>\n\n\n\n<li>Certificate with name and date of birth<\/li>\n\n\n\n<li>Organizing document that has been filed with the state<\/li>\n\n\n\n<li>Partnership agreement<\/li>\n\n\n\n<li>Monthly credit card revenue if opening a merchant account<\/li>\n<\/ul>\n\n\n\n<p>Before you start a business partnership you should be aware of the risk. Business partnerships have a very high rate of failure. This doesn\u2019t mean yours won\u2019t work out, but it does mean you should understand the <a href=\"https:\/\/www.northone.com\/blog\/small-business\/5-reasons-why-business-partnerships-fail\">reasons why business partnerships fail<\/a> and be proactive about combating the hardships that can make&nbsp;failure more likely.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Limited_Liability_Corporation_LLC\"><\/span><strong>Limited Liability Corporation (LLC)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>If you want to protect your personal assets in the case of your business being sued, the easiest way to do this is by registering your business as a Limited Liability Corporation. An LLC in some ways allows you to have the best of both worlds by combining the pass-through taxation of a sole proprietorship or partnership and the asset protection of a corporation.&nbsp;<\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">There are <a href=\"https:\/\/www.northone.com\/blog\/business-banking\/llc-bank-account-pros-and-cons\">pros and cons to opening a business bank account for an LLC<\/a>, but to open&nbsp;an LLC business bank account&nbsp;you will need the following information for each of the owners:&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Employer Identification Number (EIN)&nbsp;<\/li>\n\n\n\n<li>Personal Identification<\/li>\n\n\n\n<li>A certificate with name and date of birth<\/li>\n\n\n\n<li>Business license<\/li>\n\n\n\n<li>LLC agreement (name of business and partners)<\/li>\n\n\n\n<li>Articles of organization<\/li>\n\n\n\n<li>Monthly credit card revenue if opening a merchant account<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Corporation\"><\/span><strong>Corporation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A corporation is a legal entity that is separate and distinct from its owners. The shareholders of a corporation are not personally liable for the company\u2019s debt. The difference between a regular corporation and a limited liability corporation is as an owner of a regular corporation you can\u2019t \u2018pass through\u2019 your business taxes. You will have to file two sets of taxes, one for the business and one for your personal finances.&nbsp;<\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">To open a business bank account for a corporation you will need the following information for each owner:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Employer Identification Number (EIN)<\/li>\n\n\n\n<li>Personal identification&nbsp;<\/li>\n\n\n\n<li>Certificate with name and date of birth<\/li>\n\n\n\n<li>Business license<\/li>\n\n\n\n<li>Corporate bylaws<\/li>\n\n\n\n<li>Articles of incorporation<\/li>\n\n\n\n<li>Monthly credit card revenue if opening a merchant account<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tips_to_Navigate_Opening_a_Business_Bank_Account\"><\/span><strong>Tips to Navigate Opening a Business Bank Account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gather_all_of_your_information_ahead_of_time\"><\/span><strong>Gather all of your information ahead of time&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">If you are planning on opening a business bank account, you will want to gather the information ahead of time. This will streamline the process. The information required to open an account will depend on two things \u2014 The structure of your business, as outlined above, and what bank you choose to open an account with. That being said the key items of information you will need include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Personal ID,&nbsp;<\/li>\n\n\n\n<li>Business license,&nbsp;<\/li>\n\n\n\n<li>A certificate with name and date of birth<\/li>\n\n\n\n<li>Proof of your monthly credit card revenue<\/li>\n<\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<span class='mb-center maxbutton-3-center'><span class='maxbutton-3-container mb-container'><a class=\"maxbutton-3 maxbutton maxbutton-apply-for-an-account\" target=\"_blank\" title=\"Apply for a North One Account in less than 3 minutes.\" rel=\"nofollow noopener\" href=\"https:\/\/join.northone.com\/\"><span class='mb-text'>Apply for an Account<\/span><\/a><\/span><\/span>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Go_Mobile\"><\/span><strong>Go Mobile<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Most small business owners don\u2019t have the time to stand in line at the bank. We suggest when it comes to finding a business bank account, you go mobile. These days there are a number of digital banks that can offer you everything you\u2019d get from a traditional bank (often more) without the hassle of ever having to enter a branch. A mobile bank offers you the freedom to check on transactions and bank no matter where you are. Banking is much easier and faster to manage when it\u2019s on your phone. Make sure when you are selecting a digital bank it is reputable and&nbsp;FDIC insured.&nbsp;<\/p>\n\n\n\n<p>Thinking about opening an account with North One? Good news: <a href=\"https:\/\/www.northone.com\/blog\/product\/is-northone-fdic-insured\">North One is FDIC insured<\/a>!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Streamline_Your_Financial_Management\"><\/span><strong>Streamline Your Financial Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A business bank account can do so much more than hold funds. You can streamline finances with the help of financial tools like accounting and payroll software making it easier than ever to stay on top of business finances.&nbsp; These tools can be&nbsp;<a href=\"https:\/\/www.northone.com\/integrations\">integrated into your business bank account<\/a>&nbsp;so everything is working together to save you time and money.&nbsp;<\/p>\n\n\n\n<p><em>Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank, N.A., Member FDIC (\u201cBank\u201d).&nbsp; Bank is not responsible for the accuracy of any content provided by the author(s) or contributor(s).<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the past, business bank accounts offered very little value for small businesses. Traditionally, banks tended to focus on larger clients and didn\u2019t make time for businesses that weren\u2019t giant&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[153],"tags":[174,176,141,143,127,139,148,175,140],"class_list":["post-1388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-banking","tag-business-bank","tag-business-banking","tag-business-tools","tag-financing","tag-freelancer","tag-llc","tag-northone-app","tag-opening-bank-account","tag-sole-proprietor"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Open a Business Bank Account | North One<\/title>\n<meta name=\"description\" content=\"Learn how to open the right business bank account for your business based on key features, your business type, and other factors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-a-business-bank-acccount\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Open a Business Bank Account | North One\" \/>\n<meta property=\"og:description\" content=\"Learn how to open the right business bank account for your business based on key features, your business type, and other factors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.northone.com\/blog\/business-banking\/how-to-open-a-business-bank-acccount\" 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