Prepare the business identity
Banks commonly ask for the legal business name, physical address, formation jurisdiction, business type and tax identification number. The IRS notes that many banks require an Employer Identification Number to open a business bank account. Some sole proprietors may use a Social Security number depending on the bank and tax structure, but an EIN is often useful for separating business and personal administration.
Gather formation documents
An LLC may be asked for articles of organization and an operating agreement; a corporation may need articles of incorporation and corporate resolutions; a partnership may need a partnership agreement. Banks can request different combinations depending on the entity, state and product.
Expect identity and ownership verification
Banks must perform customer identification and due diligence. FinCEN’s customer due diligence framework requires covered financial institutions to identify and verify customers and, for many legal entities, beneficial owners. In February 2026 FinCEN granted relief from repeating beneficial-owner verification at every new account opening for an existing legal-entity customer, but banks still apply risk-based procedures and can request updated information when needed.
Prepare authorized signer information
Anyone who will be an authorized signer or control person may need government-issued identification, address information and other identifying details. Decide in advance who should have transaction authority and whether multiple approvals are needed for larger payments.
Choose the account before you apply
Compare monthly fees, transaction allowances, cash processing, ACH and wire needs, user permissions and branch access before submitting the application. Switching banks later is possible, but changing payroll, vendor instructions, merchant settlements and tax payments can create avoidable operational work.
Keep an opening checklist
A practical checklist includes: EIN or other tax ID, formation documents, ownership information, IDs for signers, business address, expected account activity, opening deposit if required, and any resolutions or authorization documents requested by the bank.
Primary sources and reference material
Model the account around the way your business actually moves money.
Fees, balances, transactions, cash deposits, payment tools and controls should be evaluated together. A lower headline fee is not automatically the lower-cost operating account.