Opening a business bank account requires proof of identification for both you and your company. Examples include your state-issued driver's license or passport, your business license, or your partnership agreements. If you use the wrong credit or debit card, it could be costing you a lot of money. Our expert loves this excellent selection, which includes an initial APR of 0% until 2024, an incredible cashback rate of up to 5% and, in some ways, no annual fee.
Kailey Hagen has been writing about small businesses and finance for nearly 10 years, and her work has appeared on USA Today, CNN Money, Fox Business and MSN Money. He specializes in personal and business bank accounts and software for small and medium-sized businesses. She lives on what is almost a farm in northern Wisconsin with her husband and three dogs. Make sure you know what type of bank account you want.
Many banks and credit unions offer a variety of services along with a bank account, such as free checking accounts, interest on savings, no-fee accounts, debit and credit cards, and other options. Compare several banks and credit unions to ensure you get the best deals and make sure you know all your charges up front, recommends the Wall Street Journal. A company that doesn't open a bank account under the company's name seriously jeopardizes the company's limited liability status. The individuals listed in the corporate resolution have full authority to act on behalf of the corporation with respect to the company's bank account.
Opening a bank account in the name of the corporation establishes the fact that the company operates as a legal entity separate from the shareholders of the corporation. The statutes of a corporation provide proof that the company has been established as an independent legal entity and are drafted when a company applies to become a corporation.