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What You Need To Open a Business Bank Account for an LLC in the US

Jan Watermann


Dec 7, 2022
Affiliate disclosure

As a new business owner, you will be pleased to hear that opening up a business bank account is very straightforward and can be done online in a matter of hours, as long as you have the proper documentation.

While the most important requirement you must show to your bank is your employer identification number (EIN), you will also need to provide personal identification. Depending on your bank of choice and your state's laws, supplemental documentation may also include your Articles of Incorporation, business licenses, and certificate of assumed name.

Below, we explore why you should open a business bank account for your LLC, what the requirements are, and how to open the best US business bank account for you.

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If you need to get started with establishing an LLC, then consider Northwest Registered Agent to request your EIN for you, send your compliance documents to your state annually, and give you a business address.

Why Should I Open a Business Bank Account?

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Having a bank account for your business or LLC will not just make your life easier but will be crucial for your success. Here are five reasons why:

1. Protect Your Personal Funds

Whether you are the owner of an LLC, corporation, or partnership, business law in the United States works to keep your personal assets separate and safe from company assets. In the case of company bankruptcy, for example, your business assets could be in jeopardy but your personal savings and property would be untouchable.

However, if you do not have a business bank account, then your personal funds may not be protected. Using your personal bank account for business activities can lead to serious legal repercussions for you and your business, including the seizure of your personal assets.

2. Comply With Taxes

Using business bank accounts makes it easier to organize and track your business expenditures. You will be able to clearly show the IRS the separation of your personal bank account from your business account. You will also be able to show the eligible purchases that you have written off for business tax deductions.

3. Professionalism

Customers and suppliers will be more willing to write a check or wire a bank transfer to a business account with your business address, rather than a personal bank account attached to your residential address. You will also be able to accept customers' credit card payments with a business bank account; personal bank accounts are not allowed to accept credit cards.

4. Access and Build Credit

Your bank will be able to issue business credit cards, which your business can use to make large startup purchases. Establishing a credit history for your business now will also improve your applications for bank loans in the future.

5. Give Teams Access to Company Funds

When you are working with a team, you probably won't be the only person with a budget and an expense sheet. You certainly don't want your business partners using your personal bank account to make purchases. Business bank accounts for LLCs will allow you to give your team access to business funds, plus you will be able to manage their budgets and set limits on their credit cards.

What Documents Are Required To Open a Business Bank Account?

Personal identification and your EIN are absolutely necessary if you want to open a business bank account in the United States. Some banks will ask for more documents:

  1. Employer Identification Number (EIN);
  2. Personal identification;
  3. Your business's formation documents;
  4. Doing business as (DBA) certificate (if applicable);
  5. Business license (if applicable).

Read in more detail about each of the documents you may need to present to open a business bank account:

Employer Identification Number (EIN)

The bank is legally required to obtain this information from its business clients. Banks use the EIN of your LLC to identify you when sending your business taxes and tax deductions to the IRS.

Only if you are a Sole Proprietorship, then you may use your Social Security Number instead to open a business account with a bank.

Personal Identification

Provide a government-issued ID, such as a driver's license or a passport, to confirm to the bank that the person who is opening the business account is indeed the same person who is managing the corresponding business.

Your Business's Formation Documents

For LLCs, this will be your Operating Agreement or Articles of Incorporation. These documents inform your state about how your business is structured and how responsibilities are organized.

If your bank asks for these documents, they will likely want to confirm the business name, business address, owners' names, and your registered agent.

Doing Business As (DBA) Certificate

This is sometimes called a Certificate of Assumed Name. Some businesses have a trade name that is different from their legally registered name (i.e. "McDonald's" is a DBA name for the McDonald's Corporation).

If you have a DBA name, your bank may ask for a copy of the DBA documents that you filed with your state for proof of your business’s trade name.

Business License

Some small businesses need licenses at the federal and state level to conduct certain business activities. This may range from state liquor licenses to federal aviation licenses.

Banks may want to see that you have the appropriate licenses before opening a business account for you. Licensing varies widely by state and industry, so you may have to do some individual research.

How to Open a Business Bank Account for an LLC

  • Step 01

    Choose the Type of Account You Need

    There are three main types of business bank accounts:

    • Business Checking: Use this for everyday business transactions.
    • Business Savings: Use this to save surplus cash and earn interest.
    • Merchant Services: Use this to accept credit card payments.
  • Step 02

    Select the Best Bank for You

    Keep the following benefits and costs in mind:

    • Account Maintenance Fees: Some banks charge a monthly fee for simply maintaining the account for you.
    • Minimum Balances: You may be charged penalties if you run below a certain amount.
    • Cost of Merchant Services: Banks often charge small fees per card transaction that they process.
    • Branch and ATM Access: Physical branches may be important if you want cash or face-to-face service.
    • Interest Rates: Make more off of your idle cash with a high-yielding savings account.
    • Account Management Tools: Online accounting software can streamline the bureaucracy for you.
  • Step 03

    Gather the Documents Required

    Prepare the required documents listed above to apply in one go. If you need an EIN, Northwest Registered Agent can help get one for you. Don't hesitate to call your bank if you have specific questions about documentation.

  • Final step

    Apply and Deposit Funds

    Many institutional American banks will require you to apply at a branch. If you want to apply in minutes online, consider a few of the banks we list in the next section.

    Try Novo ❯

Costs and Benefits to Consider When Opening a Business Bank Account

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Unlike retail customers, who may hold just a few thousand dollars in their accounts at a given time, business clients represent high potential cash flow to bankers. You hold a lot of leverage as a business bank customer.

That's why it's a good idea to compare your choices and shop around for good deals, especially at banks where you feel you can develop a good business relationship in the future. Here are a few things to consider:

Accounting Software Integration

Accounting software like Quickbooks and Xero is an LLC's best friend. If your online business bank account can integrate with this software, then you'll likely save yourself days and weeks of work on Excel.

Rewards and Perks

Many banks and their affiliated credit cards offer membership point programs to businesses. You can earn considerable savings on flights or exclusive hotel access with certain programs. These benefits often grow over time too, based on your relationship with your bank and on the size of your account balances.

High Limits and Low Charges

Some business bank accounts impose transaction limits. Make sure your bank gives you room to grow once your revenues and expenses pick up. Constantly getting hit with penalties for exceeding transaction limits will get frustrating over time.

Compare the Best Online Business Bank Accounts in the US

Have a look at seven great options for online business banking that offer account software integration, no monthly fees, multi-currency options, and other powerful features. You can sign up completely online for free.

Revolut Business

Wise Business







Revolut Business Free

All You Need'


Free Business Checking

Business Checking

The NBKC Business Account

Business Account

Monthly Fee








Multi-Currency Accounts




US Bank Transfer Fee



2% + $1.50





Overdraft Fee








Currency Transfer Fee








Int'l Card Transaction Fee
















FDIC Insured

US Account Number

Free Debit Card

✘ ($29.95/year)

3D Secure

Multi-Director Access

Integrated Accounting

Invoicing Included

Trustpilot/App Stores

4.6/5 (9.6K Reviews)

4.6/5 (143.5K Reviews)

4.4/5 (37.6K Reviews)

4/5 (1.0K Reviews)

4.4/5 (6.8K Reviews)

4.2/5 (740 Reviews)

4.5/5 (447K Reviews)

Customer Service



Phone, live chat, email

Email, FAQ, Blog

Email, in-app

In-person, phone, live chat, email, FAQ

Phone, live chat

Go to Revolut Business ❯Go to Wise Business ❯Go to Payoneer ❯Go to Novo ❯See MoreSee MoreSee More

¹ First 5 are free with the Revolut Business free plan.
² No markup applied if upgraded to paid plans.
³ No monthly fee, but an optional one-time fee of $31 required to access local bank details.
⁴ Only applies if monthly requirements are met: spend $500 with BlueVine Mastercard or receive $2,500 in customer payments.
⁵ Only applies after a set number of years.

Frequently Asked Questions About Requirements To Open a Business Bank Account

Other Guides on Business Bank Accounts in the United States and Overseas

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