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Requirements to Open a Business Bank Account | BG

When you’re building your own business bit by bit, you’ll have to face the music yourselves. The challenges can be very much mundane or unique to your business setup. One of such challenges is to manage the money you’ve got coming in.

One way of doing that is to open a Business Bank Account. Of course, the procedure is rather time-consuming. You’ll need a bunch of documents as well. That’s the exact point we’re gonna hit in this article of ours. Let’s explore the types of papers you need before you get in touch with a bank.

Documents/Papers You Need for a Business Account In the USA


These documents are might differ in the case of some banks. You might end up with one or two types less or more depending on the bank you’re approaching and their own packages and offers. Without further ado, let’s get on with the topic of today.


Employer Identification Number or Social Security Number


The first thing you need for your business account in a bank is an EIN or Employer Identification Number. Every employee needs to provide this to the bank for their savings and business accounts. In some cases, however, few of the banks can allow business owners to open small business accounts of their own using their SSN or Social Security Numbers only.

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A Tip Just for You: You can get your own EIN by filling a form. You’ll get it from the IRS website. The good news is, you’ll be able to fill out the form for any kind of business you own. This is free of any charge. Also, it’s valid for businesses in the US or one of its territories.

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Your Personal Identification Documents


This is the same when you’re trying to open a personal bank account. The authorities will ask for some sort of document (be it your passport, driving license, or any kind of ID that’s been issued by the state.