How to Open a Business Bank Account for Your LLC

How to Open a Business Bank Account for Your LLC Understand what a separate business account can do for you: 1 If you run an LLC, you are legally required to have a separate business account. Here are the top reasons to choose a business bank account provider: Less expensive in the long run Attractive interest rates Easy tracking Understanding of business needs of business transactions Offers credibility while establishing vendor relationships Compare multiple business bank accounts to find the best one for your LLC needs: Business bank accounts are % olo 70 o/o 47 more expensive than online-only personal checking accounts. more expensive than branch-based personal accounts. The average monthly fee for a business bank Business bank accounts have 32% more features than branch-based personal account is around $10. accounts. ... % 79 70 of business owners use of business owners want to open a bank account online; the same bank for their business accounts and their personal finances. 50% said they would like the option to take out a bank loan on the web. Follow your chosen business bank's procedures: 3 Step 1 Provide Personal Information to the Bank Your full name > Your current home address > Your Social Security number > Your phone number Step 2 Provide Basic LLC Information > The name of your business > The type of business you have formed (LLC, S Corporation, C Corporation) > The business address (if you're running your business from home, this is identical to your home address) Step 3 Provide Required Organizational Paperwork > LLC formation documents, like your Articles of Organization > Operating Agreement > Statement of Information > Banking resolution Business plan Step 4 Step 5 Provide an Employer Fill Out Necessary Identification Number Paperwork You will need to obtain You should fill out the application form with all of the supporting an EIN from the IRS and include it with your application. documentation and supply it to your bank for review. incfile References https://www.businessnewsdaily.com/12014-survey-investigates-business-banking-needs.html https://wallethub.com/edu/sa/banking-landscape-report/1629/ %24