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Business Bank Account Requirements
The documents and details to gather before you open a business checking account.
A real, editable checklist below — tick, tap a line to rewrite, drag to reorder.
Tick the circles, tap any line to change it, drag the dots to reorder.
Saved in this browser. Send it to Clear to keep it on your phone.
Truist puts the application at about 15 minutes once you start, with the paperwork in hand. The sources ask for the same core: photo ID, an SSN or EIN, and proof the business exists. Sole proprietors can often use an SSN, while LLCs, partnerships and corporations generally need an EIN. Live Oak says many online applications are reviewed within a few business days. This list covers what to gather and decide before you apply. It doesn't compare banks or fees, and it isn't legal or tax advice.
Why these items are on the list
- Decide your business structure. Sole proprietor, LLC, partnership or corporation. The paperwork differs for each.
- Finish business registration. An unregistered structure or pending formation papers are common reasons for not qualifying yet.
- Get an EIN if needed. Partnerships, LLCs and corporations generally need one. You can apply online through the IRS.
- Or use your SSN (sole proprietors). Many sole proprietors can open an account with a Social Security number instead of an EIN.
- Government-issued photo ID. Needed for you and for any other owner or authorized signer.
- Business name or DBA certificate. For a sole proprietor operating under a name other than their legal name.
- Business license, if applicable. Banks may ask for one or an equivalent, to verify the legal status of the business.
- Formation documents. LLCs: articles of organization and operating agreement. Corporations: articles of incorporation and bylaws.
- Partnership agreement. Partnerships bring the agreement plus ID for each partner or authorized person.
- Authorization resolution (corporations). Shows who is allowed to open the account on the company's behalf.
- Proof of business address. A lease or utility bill is likely to confirm your location and mailing address.
- Look up your NAICS code. Truist requires it, and you can search by industry description while applying.
- Estimate annual revenue. Truist's application asks for it, along with state and date established.
- Personal details and address history. Truist asks for date of birth, SSN and 2 years of address history.
- List additional owners and signers. Truist requires additional individuals to give personal information; authorized signers also sign electronically.
- Check deposit minimums and fees. Some accounts need no opening deposit. Others need a small balance, so review fees first.
- Start with business checking. Armed Forces Bank says most companies open checking before any other business account.
- Apply online. Live Oak says online applications can be reviewed within a few business days.
- Fund the account. Depending on the bank, you may need an initial deposit once approved.
- Keep business money separate. Separate accounts make bookkeeping and tax preparation easier.
Tick the documents off on your phone as you find each one, then keep the list open while you fill in the application. Co-owners can run through it side by side.
When to use it
Use it before you apply, ideally as soon as you start earning or spending money for the business.