Setting Up Your Business Bank Account: A 6-Step Guide For LLCs

Your business has been booming. You've been crushing those quarterly goals, meeting those revenue targets, and much more. So, now you and our partners think it'll be a great idea to spring up a new branch in the US of A.

This decision brings into consideration many factors. Of these key factors, you may end up giving serious thought to setting up a US business bank account for your LLC. Setting up this account may feel like planning a climb on the Karakoram Range, but it shouldn't be.

That's why this guide's here: to make the process straightforward and achievable in one go.

Step 1: Gather Your Essential LLC Paperwork

Here's what you need to pack for your financial expedition:

Your LLC's Articles Of Organization

This is the cornerstone of your LLC, your business's declaration to the world. The basic details of your LLC? Its name? Purpose? Structure? It's all here.

Employer Identification Number (EIN) From The IRS

Your EIN is the secret code that unlocks the world of US business. The IRS uses this number to make sure your business renders to Uncle Sam what belongs to Uncle Sam. But it doesn't end with filing taxes. Opening a bank account and hiring employees? Yes, that too.

Operating Agreement

This is the DNA of your LLC. It tells the tale of who calls the shots, how the treasure's divided, and the path your business will tread.

Step 2: Choose The Right Bank

Finding the right bank is like finding the perfect travel companion for your business journey. Whether you're planning to set up a US business bank account for non residents or any other account, due diligence is a great idea.

So, before you swipe right, find answers to these concerns:

Fees

Are they asking for a treasure chest just to keep your account open? Or is it more like a few gold coins?

Minimum Balance Requirements

Some banks want a hefty sum as minimum balance. Some may require less. What's your sweet spot? Know what you're signing up for.

Online Banking Features

In this digital age, your bank should be as tech-savvy as you are. Can you conquer your banking needs with just a few clicks?

Additional Services

Sometimes, it's the little extras that make a journey memorable. Does the bank offer financial incentives like credit lines or merchant services?
Choose a bank that doesn't just hold your gold but helps you multiply it. This is a partnership for the long haul, so pick a bank that understands your quest.

Step 3: Pick The Perfect Account Type

Think about what your LLC really needs. For the daily ins and outs, a checking account is your go-to. But for building up those all-important reserves, a savings account is your best friend. Maybe you need both? It's all about what works best for your business's financial flow.

Step 4: Round Up The ID Essentials

Banks will ask for personal identification from the key players in your LLC. Some of these documents may include:

Government-Issued Photo ID

Driver's license? Passport? State ID card? Either goes. The purpose is to verify the identity of each individual associated with the LLC.
Social Security Number (SSN) Or Individual Taxpayer Identification Number (ITIN)
U.S. citizens or residents? The SSN is just perfect. Non-residents? Then the ITIN will do.

Proof Of Address

A recent utility bill? A lease agreement? A bank statement showing the individual's name and current address? Most of them are good to go (of course, depending on your bank). This helps the bank confirm the residency of the LLC members.

Step 5: Make A Trip To The Bank

Some banks (especially those that swear by all things digital) might let you do the whole meetup online. However, many still go for the good old-fashioned meet-and-greet.

Got questions you'd love clarified about your account? This is your moment to shine.

Step 6: Embrace The Digital Side Of Banking

It's ‘the future'. Your laptop and phone is your central hub for managing those dollars and cents. And it's not just about seeing your balance – think bigger.

Order those checks, because sometimes old school is still cool. A business credit card that might just become your business's new best friend? A merchant services that make handling transactions as easy as a click? Don't miss out on exploring the treasure trove of tools at your fingertips. For example, the Internet is the best place to access reviews of financial products. You can start by looking at CompareCredit’s review of the AT&T Points Plus® credit card from Citi.

Open A Bank Account Today

Getting that business bank account for your LLC shouldn't be too much of a hassle. We've given you the tips here. It's up to you to take them up and begin the process.
There are many experts you'll encounter along the way. Tax experts? Financial advisers? Soak up their wisdom. These insights can go a long way in smoothening the process of opening that LLC bank account.