How to open a business checking account
Find out what you need to open a business checking account and how to get started. Presented by Chase for Business.
- The first step to opening a business checking account is understanding the type of business you own, to determine who needs to be present — for example, a corporation will require certain members of the board to be present, while a sole proprietorship living trust requires trustees.
- Before speaking with a business banker, gather all the necessary operational and financial detailed information about your business.
- You will also need government-issued legal identification and a tax identification number — and potentially additional legal documents or certificates.
As a business owner, you undoubtedly have a lot on your plate, and sometimes it may feel a bit overwhelming. But keeping track of your business expenses doesn’t have to. A business checking account can help you easily separate and manage all your business expenses and deposits. Chase makes it easy to get started, which may be part of why more small business owners choose Chase than any other bank. By being prepared and knowing exactly what is needed to apply to open the account, you’ll be up and running in no time.
Who can open a business checking account?
The type of business ownership you have dictates who needs to be present when opening a business checking account. Use the list below to understand who will need to be available so there are no surprises. Keep in mind: In addition to the individuals below, all authorized signers to the business account must also be present when opening an account in person. You can also open many accounts online, however the same individuals may need to be available to provide information or to sign documents electronically.
- Corporation: President, Secretary, Assistant Secretary or Acting Secretary (for non-profit corporations, a minimum of two non-voting board members is required if there are no voting members)
- LLC: all Members or Managers (If one of the Members or Managers is another business, an authorized representative of that business must also be present)
- Partnership: all General Partners (if one of the General Partners is another business, an authorizing representative of that business must also be present)
- Sole proprietorship with one owner: only the owner
- Spousal sole proprietorship: both owners
- Sole proprietorship living trust: the trustee(s)
- Sole proprietorship with a power of attorney: authorized agent (sole proprietorships are the only business entity type for which Chase permits account opening by power of attorney)
- Unincorporated Business Association or Organization: either Secretary or Acting Secretary
What information is needed to open a business checking account?
When applying to open a business checking account, you’ll need to give the bank some basic information about your business, most of which you likely already know, including:
- Business address
- Business phone number
- Nature of your business
- Number of locations
- Number of employees
- Annual sales in dollars
- Where products and services are sold
- Locations of suppliers and vendors
- Types of transactions and volumes you expect to process through your new business checking account
What documents are required to open a business checking account?
Before speaking with a business banker, make sure you have all the required documents. Below are the minimum requirements of information you’ll need to apply to open a Chase business checking account, but the requirements are typically the same for any business checking account.
Personal identification
You’ll need to provide personal identification when opening an account. The number and type of IDs required may vary depending on your citizenship status and whether you’re a new or existing Chase customer.
If an authorized agent is opening a sole proprietorship account under a power of attorney, the agent must provide identification to verify their identity. Identification for the business owner is also highly encouraged in this scenario, to avoid additional forms and procedures. For business owners who are existing Chase customers, Chase may be able to use valid identification already on file.
Primary government-issued ID examples:
- For U.S. citizens: state-issued driver’s license, state-issued ID card or passport
- For non-U.S. citizens, permanent residents: Permanent Resident Card (green card)
- For non-U.S. citizens, non-permanent residents: passport or Matricula Consular card
Secondary ID examples:
- For the business owner or agent: credit or debit card with embossed name, employer identification or utility bill
Tax identification number
You also need one of the following tax identification numbers to open a business checking account:
- Social Security number
- Individual taxpayer identification number (for non-U.S. citizens)
- Employer Identification Number (EIN)
Business documentation
Other types of documents you’ll need will vary depending upon the state where the business is located.
If you’re doing business as another name, one of these documents may be an Assumed Name Certificate, also known as a Trade Name Certificate, Fictitious Business Name Statement or DBA. You may also need to provide your assumed name application or filing receipt, proof of your physical business address or your business license.
NOTE: This type of certificate isn’t required for businesses in Alabama, Alaska, Hawaii, Kansas, Mississippi, New Mexico, South Carolina, Tennessee, Wisconsin and Wyoming; for sole proprietors operating a business using the owner’s last name in California, Indiana, Kentucky and Texas or for Nonprofit Unincorporated Business Association or Organization in California.
Open your business checking account today
Once you have all the documentation and information you need, you can apply to open a business checking account in no time. Speak with a business banker to determine which type of account is best for your needs.
