How to Open a Business Bank Account for Your LLC

Using your personal account for business is one of the biggest mistakes new LLC owners make. A separate business account offers the following benefits:

• Maintain Liability Protection: Commingling personal and business funds can pierce the corporate veil, putting your personal assets at risk.
• Streamline Accounting: All business transactions are recorded in one place.
• Simplify Tax Preparation: Provides clear records for deductions and reporting.
• Professional Image: Clients and vendors see your LLC's name, not your personal name.
• Build Business Credit: Establishes a business credit profile separate from your personal credit.

Banks typically require the following:

• Your IRS-issued EIN (Employer Identification Number)
• Articles of Organization or Certificate of Formation
• Operating Agreement
• Government-issued ID for all signatories
• Proof of business address (utility bill, lease agreement, etc.)

Some banks may also require a Business License, Certificate of Good Standing, or Minutes approving the account opening.

Traditional Banks

Pros: In-person branch access, comprehensive services, established reputation

Cons: Higher fees, minimum balance requirements, less tech-savvy

Good choices: Chase, Bank of America, Wells Fargo, local credit unions

Online Banks / Neobanks

Pros: No fees, no minimum balance, great apps, accounting software integration

Cons: No physical branches, limited cash handling

Popular choices: Mercury, Relay, Bluevine, Novo