How to Open a Bank Account As a Small Business

Step-by-Step Guide

1. 1

   Step 1: Get your tax ID.

   If you are a sole proprietor, you aren’t required to have an Employer Identification Number (EIN), but it’s a good idea to have one.
   
   You can apply for your EIN online.(An EIN is also referred to as a Tax Identification Number, or TIN.)
2. 2

   Step 2: Apply for an EIN if the following conditions apply to you (in many cases

   , You will not be able to open a business checking account unless you have a business license.
   
   You can get the information you need about licenses and permits from the United States Small Business Administration.
3. 3

   Step 3: you will not be able to open a business checking account without an EIN) You have started or purchased a business You will be hiring employees

4. 4

   Step 4: Apply for a business license.

Detailed Guide

About the Author