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Business checking for an LLC

What a single-member or multi-member LLC should gather before applying, including formation papers and beneficial-owner ID.

Last reviewed Oct 30, 2026. Written by New Bank Account.

Form the company first if you have not. The walkthrough with our formation partner is how to open an LLC. An LLC account is opened in the company's name, not only in yours. Providers set their own document lists. Use this as a packing list, then read the application. This is general information, not legal advice.

The company itself

  • The legal name of the LLC, and any DBA or assumed name
  • The state where it was formed
  • Articles of organization, or the equivalent filing in your state
  • An operating agreement, if the provider asks for one
  • An EIN from the IRS. The IRS does not charge a fee for an EIN (IRS)

A single-member LLC is still a formed company. Download the filed articles from your secretary of state. The document title varies by state, so the state site beats a generic checklist. The SBA's account guide is the plain version of why the account is in the company's name (SBA).

The people

Federal rules require banks to identify and verify beneficial owners of legal entity customers (31 CFR 1010.230). Expect a photo ID, address, and date of birth for each person who owns or controls the company. A multi-member LLC should agree who is allowed to open the account and sign before anyone starts the form. Finding that out from a rejected application wastes a week.

The fuller document list, including sole proprietors, is in what you need to open a business bank account.

Money you may be asked to move

Some applications ask for an opening deposit. We do not publish a minimum until we copy it from that provider's page. If you want tax money kept apart from operating money, ask whether the account offers a second balance or a sub-account. Do not assume it does because a review site said "envelopes."

After you are approved

Order a card in the LLC's name, update invoices, and point client payments at the new account. If you are leaving an older account, use the switching checklist. The review set is freelancer LLC.

Questions people ask

Can a single-member LLC use the owner's personal account?
Providers and states differ, and this is not legal advice. Banks generally open an LLC account in the company's name, with the company's EIN and formation documents, not only in your personal name.
Does a single-member LLC need an EIN to open an account?
Most business applications ask for one. The IRS issues it directly and does not charge a fee. A single-member LLC still has formation papers.
What is a beneficial owner, in a bank application?
A person who owns or controls the company. Federal rules require the bank to identify and verify those people when a legal entity opens an account.
Do all members have to be at the branch?
Not always. The bank will ask who is allowed to open the account and sign. Agree that inside the LLC before you start the application.

Sources

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