Opening a business bank account is a rite of passage for new entrepreneurs. Here’s how to do it—and why it matters.
Why You Need One
- Keeps your business finances separate from personal ones
- Looks more professional to clients
- Helps you build business credit
- Essential for applying for funding
Step 1: Choose a Bank
Look for low fees, integrations with accounting tools, good customer service, and business credit-building options.
Step 2: Gather Your Documents
Typically you’ll need:
- EIN (Employer Identification Number)
- Articles of incorporation or LLC documentation
- Government-issued photo ID
- Business license (if applicable)
Step 3: Pick the Right Type of Account
Most businesses start with a checking account. Some banks also offer savings accounts and merchant services.
Step 4: Fund and Use the Account
Make an initial deposit (requirements vary) and start using your new business account for all income and expenses.
At Enrado Capital, we encourage all our clients to get their financial foundation set early. Need help navigating the steps? Reach out.
