The documents and information banks require before you can open
Most banks need five things before they will open a business account: proof of your business structure, identification for every owner, a tax ID number, proof of your business address, and sometimes a business license. The exact list depends on whether you are a sole proprietor, partnership, LLC, or corporation—each has different paperwork requirements. Some banks also ask for a business plan or proof of funding, though this is less common for accounts at large national banks.
The fastest path is to gather everything before you walk in or call. Banks process applications faster when they have complete information the first time. If you are missing a document, the bank will ask you to provide it, which adds days or weeks to the process.
Key Takeaways
- You will need a tax ID (EIN) from the IRS, which you can get for free online in minutes, or your Social Security number if you are a sole proprietor.
- Every owner must provide a government-issued ID and sign the account paperwork, even if they do not work at the business.
- Proof of your business address can be a lease, utility bill, or office rental agreement—it must show your business name and the address where you operate.
- Sole proprietors need fewer documents than LLCs or corporations, which must show their formation documents filed with the state.
- Opening an account usually takes three to ten business days once the bank receives all documents, though some banks offer same-day approval for straightforward applications.
What you need by business structure
Sole proprietors need the least paperwork. Bring your Social Security number, a government-issued ID, and proof of your business address. If you have already filed for an EIN with the IRS, bring that instead of your Social Security number—some banks prefer it, though it is not required for sole proprietors. You will also need to tell the bank your business name and what you do.
Partnerships require more. Both partners must provide government-issued ID and sign the account agreement. You will need a partnership agreement (the document that outlines how the partnership is structured), an EIN from the IRS, and proof of your business address. Some banks also ask for a resolution from the partnership authorizing the account, though this is not always required.
LLCs must show their Articles of Organization—the state filing that created the LLC. This document proves the LLC exists and lists the registered agent. You will need an EIN, the ID of every member (owner), and proof of your business address. If the LLC has an operating agreement, bring that too, though banks do not always ask for it.
Corporations have the most requirements. You need the Articles of Incorporation filed with your state, an EIN, a corporate resolution authorizing the account (a document signed by the board saying the corporation is opening this account), and ID for every officer who will sign checks or access the account. Proof of your business address is also required.
Identification and ownership documents
Every person with ownership stake in the account must provide a government-issued ID. This means a driver's license, passport, or state ID card—not a business license or tax document. The bank will photocopy or scan it. If you have a partner or co-owner who does not live near the bank, some banks allow you to submit their ID by mail or email, though you may need to notarize their signature on the account paperwork.
The bank will also ask who has signing authority—meaning who can withdraw money and make decisions about the account. This does not have to be every owner. You can name one person as the sole signer, or multiple people, or require two signatures on every check. Tell the bank what you want before you sign the account agreement, because changing it later requires paperwork and sometimes a trip back to the branch.
Tax ID and business registration documents
An EIN (Employer Identification Number) is a nine-digit number the IRS assigns to your business. You can get one free at irs.gov in about five minutes—you fill out Form SS-4 online and the IRS gives you the number when ready. You do not need to wait for a letter in the mail. If you have not filed for an EIN yet, do it before you go to the bank.
Sole proprietors can use their Social Security number instead of an EIN, but most banks prefer the EIN because it keeps your personal and business finances separate in their system. Partnerships, LLCs, and corporations must have an EIN—the IRS requires it.
Some banks also ask for a business license, especially if you operate in a regulated industry like food service, childcare, or real estate. Check your city or county website to see if you need one. If you do, get it before you open the account—the bank may ask to see it.
Proof of your business address
The bank needs to confirm where your business operates. A lease, rental agreement, or utility bill in your business name works. If you work from home, a utility bill or mortgage statement with your home address is usually enough. If you rent a mailbox at a UPS Store or similar service, that address alone is usually not enough—the bank wants to know where you actually conduct business.
The document must show your business name and the address. If you have a lease, bring the first page and the signature page. If you have a utility bill, bring the most recent one. Some banks also accept a letter from your landlord on their letterhead confirming you rent the space, though this is less common.
Additional documents some banks request
Larger banks and some regional banks ask for a business plan or a summary of what your business does and how you plan to use the account. This is usually just one or two paragraphs—they want to know you are not opening the account for something illegal or high-risk. You can write this yourself; it does not need to be formal.
Banks may also ask about your expected monthly deposits and withdrawals. This helps them understand the account's activity level and flag any unusual patterns later. Be honest about your estimates—if you say you will deposit $500 a month and then deposit $50,000, the bank may freeze the account while they investigate.
Some banks require proof of funding—a bank statement or investment statement showing you have money to deposit. This is more common for accounts with high minimum balances or for new businesses with no operating history. If the bank asks for it, a statement from your personal account usually works.
How long the process takes
If you have all documents ready, opening an account takes three to ten business days. The bank will review your paperwork, run a background check, and verify your tax ID with the IRS. Some banks offer same-day or next-day approval if you explore online and your process is straightforward—no complications with ownership structure or missing documents.
If the bank needs more information, they will call or email you. Responding quickly keeps the timeline short. If you are missing a document, expect an extra five to seven business days while you gather it and resubmit.
Frequently Asked Questions
Can I open a business account without an EIN?
Sole proprietors can use their Social Security number instead, but most banks prefer an EIN. Getting an EIN is free and takes five minutes online at irs.gov. Partnerships, LLCs, and corporations cannot open an account without one—the IRS requires them to have an EIN.
What if I do not have a physical business address yet?
Some banks accept a home address if you work from home. If you do not have a permanent address, you can use a mailbox rental service address, though the bank may ask for additional proof that you actually conduct business there. A few banks also allow you to update your address after opening the account, so you can use a temporary address initially.
Do all owners have to come to the bank in person?
Not always. Many banks allow remote account opening now—you can submit documents by email or upload them to the bank's website. However, every owner usually has to sign the account agreement, either in person or electronically. Some banks require notarized signatures if an owner is not present.
What happens if I open the account with the wrong business structure?
The bank will ask you to correct it before they finalize the account. If you realize after opening that you registered as a sole proprietor but meant to form an LLC, you will need to close that account and open a new one under the correct structure. It is worth getting the structure right before you explore.
Can I open a business account if my business is not registered yet?
Some banks will open an account for a business that is not yet formally registered, especially for sole proprietors. However, most banks want to see proof that your business exists—a business license, a lease, or at minimum an EIN. If you have not registered your business yet, do that first.