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Financial Services Learning Centre

Enhance your learning with our financial resources

Business Type Specifics

How Requirements Vary for Different Business Types

Here’s a basic overview of what you’ll need to open a business bank account based on your entity type:

Sole Proprietorships

  • Social security number (okay for sole proprietorships only) or EIN
  • Personal identification
  • Business license with the name of the business and the owner’s name(s)
  • Certificate of assumed name/DBA
  • Monthly credit card revenue (for merchant accounts)

Partnerships

  • EIN
  • Personal identification
  • Business license
  • Certificate of assumed name/DBA
  • Partnership agreement with the name of the business and its partners
  • Organizing document filed with the state (for limited partnerships or limited liability partnerships)
  • Monthly credit card revenue (for merchant accounts)

Limited Liability Companies

  • EIN
  • Personal identification
  • Business license
  • Certificate of assumed name/DBA
  • LLC operating agreement with the name of the business and its partners
  • Articles of organization
  • Monthly credit card revenue (for merchant accounts)

Corporations

  • EIN
  • Personal identification
  • Business license
  • Certificate of assumed name/DBA
  • Corporate bylaws
  • Articles of incorporation
  • Monthly credit card revenue (for merchant accounts)

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