What Paperwork Is Needed to Open a Business Bank Account?
Starting a business bank account is one of the first big steps in establishing your business. But let’s be honest - figuring out what documents you need can feel overwhelming. The good news? It’s a straightforward process when you know what to expect.
Here's a breakdown of the paperwork some banks require and how to prepare:
1. Business Formation Documents
These prove your business legally exists. For an LLC, it’s usually your Articles of Organization.
2. Employer Identification Number (EIN)
Think of this as your business’s Social Security number (SSN). You can get one for free from the \IRS.
3. Operating Agreement (LLCs Only)
This outlines how your LLC is run. Some banks require it, especially for multi-member LLCs.
4. Business License or Permits
If your city or state requires a license to operate, bring it with you.
5. Valid Personal Identification
A driver’s license or government-issued photo ID is required for anyone opening the account.
Interested in opening a bank account with Midland? As mentioned above, you’ll need the following documents to get started: official business name, U.S. address for your business’s physical location, business tax identification number or EIN, and personal and contact information for the account opener.
Business Bank Accounts You Can Open Online
What Else Do You Need to Prepare for Opening a Business Bank Account?
In addition to the documents above, be ready to answer a few questions:
- What’s your estimated monthly revenue?
- Who else needs access to the account?
- Do you plan to accept credit card payments?
- What’s the nature of your business?
Pro Tips to Make the Process Smoother
- Call ahead or check online to confirm your bank’s exact document list.
- Bring printed and digital copies of your documents.
- Have your business address and contact details ready.
- If you have business partners, decide who’s authorized to use the account.
FAQs
Can I open a business account without an EIN?
Some banks allow sole proprietors to use their SSNs, but an EIN is strongly recommended and often required for LLCs and corporations.
Do I need to visit a branch in person?
In many cases, yes—especially to verify your identity. Some banks may allow online applications.
Can I open a business account with just a Doing Business As (DBA)?
Yes, but you’ll still need your EIN and your DBA registration.
Let’s Get You Set Up Right
Opening your business bank account doesn’t have to be a hassle. With Midland States Bank, you’ll get local support and business-friendly options that grow with you.
