According to Grant Aldrich, founder and CEO of OnlineDegree.com, opening a business bank account follows the same process regardless of your business type, except for sole proprietorships, as opening a personal savings or checking account game judi slot. “If you’re a sole proprietor, you need to bring your Social Security card instead of your EIN,” Aldrich said.
Sole proprietors still need to bring their business license, DBA certificate and personal identification documents.
When should you open a business bank account? The best time to open a business bank account is before you accept the first payment for your company’s goods or services harrysbarvenezia. Typically, a business bank account is opened during the incorporation process. A bank account cannot be opened until the business has a license to operate and an identifying tax number (which will be an employer identification number or a Social Security number for a sole proprietorship).
If you’re a sole proprietor, you will need an EIN, your Social Security number, and a driver’s license or passport, according to Levi King, co-founder and CEO of credit solutions and monitoring firm Nav.
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EINs are also used to prevent identity theft, fraud and money laundering. King added that while some banks allow a sole proprietorship to open accounts without an EIN, it’s still beneficial to create one.
Rampenthal said that the EIN is essential for managing taxes and paying employees.
“Sole proprietors may use their Social Security number for business tax purposes in lieu of an EIN,” he added. “You can obtain an EIN for your business by filing with the IRS.”
Finally, you’ll need to provide documents proving your identity.
Forms of proof “can include a government-issued picture ID, such as a driver’s license or passport,” Rampenthal said. “This is used in order to corroborate [that] the business owner is indeed the person who owns and/or runs the corresponding business.”