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Checklist for Opening an LLC Bank Account: Key Documents You Must Have

Starting a Limited Liability Company (LLC) is an exciting step towards business ownership and financial independence. One of the essential tasks after forming your LLC is opening a bank account. Business bank accounts help you manage your business seamlessly. A dedicated business bank account helps you keep your personal and business finances separate, which is crucial for legal and tax purposes.

However, opening an LLC bank account requires specific documentation. Here’s a comprehensive checklist of the key documents you need.

Documents You Need to Open an LLC Bank Account

1. Articles of Organization

The first document you’ll need is the Articles of Organization. This document is filed with the state when you form your LLC and serves as the official certificate of your company’s existence. It includes vital information such as your LLC’s name, address, and the names of its members or managers. Banks require this to verify that your business is legally registered and recognized by the state.

2. Operating Agreement

An Operating Agreement outlines the ownership and management structure of your LLC. Even though it may not be a state requirement, many banks will ask for it to understand how your business is structured and who is authorized to make financial decisions. This document should detail the roles and responsibilities of each member and the procedures for making major business decisions.

3. Employer Identification Number (EIN)

An Employer Identification Number (EIN) is like a Social Security number for your business. It’s issued by the IRS and is used to identify your LLC for tax purposes. You can apply for an EIN online through the IRS website, and it’s typically issued immediately. Banks require your EIN to open a business bank account, as it helps them track your business’s financial activities for reporting and regulatory purposes.

4. Personal Identification

Banks need to verify the identity of the LLC’s members or managers who will be authorized to use the account. Typically, you’ll need to provide a government-issued photo ID, such as a driver’s license or passport. Some banks might also require Social Security numbers or other forms of identification. Make sure each authorized signatory has their identification ready when you visit the bank.

5. LLC Resolution

An LLC Resolution is a document that authorizes specific members or managers to open and manage the bank account on behalf of the LLC. This is particularly important for multi-member LLCs where not all members will be involved in banking activities. The resolution should be signed by all members and specify who has the authority to handle the account.

6. Initial Deposit

Many banks require an initial deposit to open a business bank account. The amount can vary depending on the bank, so it’s a good idea to check with the bank beforehand to know how much you’ll need. This deposit is typically used to fund your new account and ensure it remains active from the start.

7. Business Licenses and Permits

Depending on your industry and location, you might need various business licenses and permits to operate legally. Banks may request to see these documents to ensure your business complies with local regulations. Make sure you have copies of any necessary licenses or permits before you go to the bank.

8. Proof of Address

Banks often require proof of your business address. This can be a recent utility bill, lease agreement, or other official document that shows where your business is physically located. This helps the bank verify that your business operates from a legitimate address.

9. Bank Application Forms

Finally, you must fill out the bank’s application forms to open a business account. These forms will ask for information about your LLC, its members, and the nature of your business. It’s a good idea to review these forms beforehand, if possible, so you can gather any additional information you might need.

Additional Tips for a Smooth Account Opening Process

Research Banks and Account Options: Invest your time in researching different banks before heading to the bank. It helps you to get insights into the types of business accounts they offer. Look for features such as low fees, online banking options, and other services that might benefit your business. It’s also a good idea to read reviews and ask for recommendations from other business owners.

Schedule an Appointment: Book your appointment with the bank well in advance to avoid long wait times and ensure you have enough time to complete the process. This can also give you the opportunity to speak directly with a banker who specializes in business accounts and can provide tailored advice for your LLC.

Keep Digital Copies: Keep digital copies of all your important documents. This not only helps you stay organized but also allows you to quickly provide any necessary information if the bank requests additional documentation later.

Understand the Bank’s Requirements: Each bank might have slightly different requirements for opening a business account. Make sure to check the specific requirements of the bank you choose. You can usually find this information on the bank’s website or by calling their customer service. You should choose the right bank to open business accounts, which you can discover at Business Standard.


Opening a bank account for your LLC is crucial in establishing your business’s financial foundation. Having all the necessary documents prepared and understanding the requirements can streamline the process and ensure your account is set up correctly.

This will help you organize your business finances, comply with legal requirements, and build a professional financial profile for your LLC.

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