Three Documents You Need to Open a Business Bank Account

​When you’re starting a new business in Boulder, Kansas City, or beyond, one of the first things you should do is create a business bank account. It’s an essential step for separating your personal finances from your business, keeping things organized, and building credibility.

To open a business bank account, you’ll usually need these three documents (alongside basic personal information like your ID):

1. Business Formation Documents

To officially create your LLC, Corporation, Nonprofit, or B-Corp, you’ll need to file formation documents with your state’s Secretary of State. The names of these documents vary by state, but the concept is the same across the country. In Colorado, Missouri, and Kansas, for instance, you’ll file Articles of Organization to create an LLC or Articles of Incorporation to create a Corporation, Nonprofit, or B-Corp.

When opening a bank account, a copy of your formation document is typically required to prove that your business is legally established.

2. Employer Identification Number (EIN)

Your Employer Identification Number (EIN) is a unique number assigned by the IRS. Despite the term “Employer” in the name, you’ll need this number even if you don’t plan to have employees.

Your EIN will be used by government offices and other third parties to track your business. It’s also required for tax filings and, of course, to open a bank account. Some banks may even ask for a physical copy of your EIN letter.

You can obtain an EIN easily on the IRS website, but it’s often a good idea to have an accountant or small business attorney assist you to ensure everything is completed correctly.

3. Bylaws or Operating Agreement

Many banks require a copy of your business’s governing documents. LLCs need an Operating Agreement, while Corporations need Bylaws. These documents outline how your business is managed, covering important topics like voting rights, economic interests, and ownership transfers.

Banks may also request written resolutions from your company’s owners (or directors) to confirm that you’re authorized to open a bank account on behalf of the business. This is especially important if there are multiple owners.

While you can draft these documents yourself, it’s usually best to seek help from a startup or small business attorney to make sure everything is set up properly.

Bonus Tip: Choose the Right Bank for Your Business

We live in a digital world, but many banks are still behind the times. Take the time to do some research and ask for recommendations. Some banks offer excellent online business banking tools, while others may not. Mobile app quality, minimum deposit requirements, and fee structures can also vary widely.

Choose a bank that fits your business needs—especially if you want efficient, digital tools to manage your finances on the go.

(This article is general in nature and is not legal advice.)