Opening a Business Bank Account
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Illinois Small Business Development Center
Southern Illinois University
Carbondale, IL 62901Individuals with disabilities are welcomed. Call 618-453-5738 to request accommodations.
618-536-2424
sbdc@siu.edu
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Finding a bank that best meets the needs of your business is important in the long-term success of your business. Free business checking isn’t as common for business as it is for personal accounts though many banks offer it. Even though you probably won’t earn interest in your business checking account, it can help establish credit for the business.
One of the main reasons a separate business bank account is beneficial is fact that you can keep business revenue and expenses separate from personal items. This can be a real time saver and help to track income and expenses at tax time and throughout the year.
Also, having a local bank is beneficial as at some point you may need to borrow to run or grow the business. As you extend your relationship with your business banker you’ll have a source to contact.
Opening a business bank account is a little longer process than opening a personal one. Depending on the form of organization the following items will be needed.
Sole Proprietorship
- Social Security Number (if no employees) or Federal Tax Identification Number
- Assumed Name Registration filing if doing business under a fictitious name.
Partnership
- Federal Tax Identification Number
- Partnership Agreement showing business name and name of partners, and Assumed Name Registration
Corporation
- Federal Tax Identification Number
- Articles of Incorporation or Certificate of Incorporation
- Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation
Limited Liability Company
- Federal Tax Identification Number
- Articles of Organization or Certificate of Formation
- Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Organization or Certificate of Formation
Have additional questions about starting your business? Contact the Illinois Small Business Development Center (SBDC) at Southern Illinois University for a confidential business consultation at no charge to you. Call (618) 536-2424 to set up an appointment.