What you need to open a business bank account (EIN, formation docs, and the checklist)
The paperwork a bank asks for depends on how your business is structured — a sole proprietor needs less than an LLC or corporation. Here's the document checklist by entity type, what an EIN is and when you need one, and how to compare accounts before you commit.
Opening a business bank account is mostly a paperwork exercise — and the paperwork is entirely predictable once you know your business structure. The banks that make it painful are the ones you walked into without the right documents. Here's the checklist by entity type, plus the two things worth deciding before you pick an account at all.
First: know your structure
The documents a bank asks for follow directly from how your business is legally organized. Per the SBA, the common structures are sole proprietorship, partnership, LLC, and corporation — and each carries a different level of formality, which is why the account-opening requirements scale with it.
- A sole proprietor is the simplest: no separate legal entity, so the bank mainly needs to verify you and the business name.
- An LLC or corporation is a separate legal entity, so the bank needs the documents that prove the entity exists and that you're authorized to act for it.
Get an EIN (it's free)
An Employer Identification Number is the business's federal tax ID. Per the IRS, you can get one directly from the IRS at no cost, usually immediately online. You'll need an EIN if your business is an LLC, a corporation, a partnership, or has employees; a solo sole proprietor can sometimes use a Social Security number, but most banks still prefer an EIN for a business account.
One caution: several third-party websites charge a fee to "obtain your EIN." The IRS issues it for free — go to the source.
The document checklist by entity type
Bring the following. Exact requirements differ by bank, so confirm the list before you go:
Sole proprietor - Government-issued photo ID - EIN confirmation letter (or SSN) - Any "doing business as" (DBA) / fictitious-name registration
LLC - Government-issued photo ID for each owner opening the account - EIN confirmation letter - Articles of organization - Operating agreement (banks often ask for it, especially with multiple members)
Corporation - Government-issued photo ID for the authorized signers - EIN confirmation letter - Articles of incorporation - Corporate bylaws and, sometimes, a corporate resolution authorizing the account
Partnership - Government-issued photo ID for the partners - EIN confirmation letter - Partnership agreement and any DBA registration
Banks are also federally required to collect beneficial-ownership information — the identities of the people who ultimately own or control the business — so expect to disclose owners above a threshold and the person with significant control.
Confirm the bank is actually insured
Before you move money in, confirm the institution is FDIC-insured using the FDIC's BankFind tool (or, for a credit union, the NCUA's tools). Business deposits are insured up to $250,000 per depositor, per insured bank — the same standard as personal accounts, with the business as the depositor.
Choose the account before you open one
The one place people rush is picking which account. Two things to settle first:
- Which account fits how you operate. Compare on the monthly fee and what waives it, transaction and cash-deposit limits, and integrations — not the welcome bonus. A high-volume or cash-heavy business weighs these very differently from a fully digital one.
- Where the buffer will live. Cash you won't touch soon shouldn't idle in checking. Once a reserve builds, business savings or a money-market account is where it belongs, and larger balances raise treasury and deposit-insurance questions.
Then it's just the checklist above. ClearValue Banking is not a bank and doesn't open accounts — the account is opened with and held by the bank, which is the FDIC-insured institution. Our job is to help you walk in with the right documents and a clear-eyed comparison. When you're ready, compare business accounts on the numbers that actually decide the cost.
Frequently asked
Do I need an EIN to open a business bank account?
Usually, yes — and if your business is an LLC, a corporation, a partnership, or has employees, effectively always. An EIN (Employer Identification Number) is a free tax ID the IRS issues to a business. A single-member LLC or sole proprietor with no employees can sometimes use a Social Security number instead, but most banks prefer an EIN for a business account, and getting one from the IRS is free and quick. Beware third-party sites that charge a fee to obtain an EIN — the IRS issues it at no cost.
What documents does a bank require to open a business account?
It varies by entity type. A sole proprietor typically needs a government ID, an EIN or SSN, and any 'doing business as' (DBA) registration. An LLC or corporation also needs its formation documents — articles of organization or incorporation, an operating agreement or bylaws, and often an ownership/beneficial-ownership disclosure the bank is federally required to collect. Bring the business's legal name, address, and EIN letter. Requirements differ by bank, so confirm the exact list before you go in.
Can I open a business account online?
Often, yes, especially for simpler structures — many banks let you complete the process online by uploading the same documents. More complex ownership (multiple owners, certain corporate structures) can require an in-person or additional verification step because banks must verify who ultimately owns and controls the business. The document checklist is the same either way; only the submission method changes.
Sources
Figures are drawn from the named, dated public references below — the market, not an offer for you. Rates, fees, and rules change and vary by bank; confirm the current number with the bank or the source before you act.
- U.S. Small Business Administration — Open a business bank account
- IRS — Get an Employer Identification Number (EIN) — Internal Revenue Service
- SBA — Choose a business structure — U.S. Small Business Administration
- FDIC — BankFind (confirm a bank is insured) — FDIC
Put it to work
See how the account options line up against one published standard before you decide where to keep your money.
Compare accountsMore business guides
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