Why You Should Open A Commercial Bank Account For Your Business

Essentially, one of the most basic steps in starting up a business is opening a bank account. Opening a bank account for the business separate from the individual bank account of the owner has many benefits. For instance, it makes it easier to organize the business’ expenses, pay taxes and maintain financial records.

If your business is an entity such as a limited liability company or a corporation, a separate bank account is necessary as the company is a legal entity separate from its members or owners, respectively.

In order to set up the business account, the bank will require certain documentation including the incorporation records for the entity, which will show the structure of the company and what authority you have in the company. These documents are generally the articles of incorporation or organization.

Some banks may require a certificate from the State to make sure that the company is active and in good standing.

Additionally, Banks will require you provide the Employer Identification Number (EIN), you were assigned by IRS.

Notwithstanding that the company’s corporate records, your authority within the company and the EIN number is the only basic information banks need. Other documentation required depends on the internal policy of the bank you choose, not the law.

Do not delay; call us or visit our website today for more details!

(800) 603 – 3900

www.AmeriLawyer.com