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How to Open a Small Business Bank Account Online

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How to Open a Small Business Bank Account Online

By Marco Carbajo, Guest Blogger
Published: March 21, 2012

Opening a business bank account online can be an easy and painless process when you have all the necessary documentation in place.

First, it is important to realize there are several factors that can prohibit one from opening a business bank account on the internet.

For example, if a company provides money services, including check cashing, issuing money orders, issuing store value cards, exchanging currency, or wiring funds in exchange for a fee, banks will not allow you to open an account online. You will need to go to the branch personally to open an account.

In addition, if your business is in one of the following industries, then you will need to open an account in person rather than online.

  1. Telemarketing
  2. Precious metal dealers
  3. Gambling
  4. Government entities

So, what type of documentation is required to open a business bank account online? Depending on the structure of your business, the following documents will be required to open an account online.

Sole Proprietorship

  • Social Security Number or Business Tax Identification Number
  • Business License showing both business and owner’s name, or
  • Business name filing document, such as a Fictitious Name Certificate or Certificate of Trade Name, showing both business and owner’s name

General Partnership

  • Business Tax Identification Number
  • Partnership Agreement showing business name and name of partners, and
  • Business name filing document, such as Fictitious Name Certificate or Certificate of Trade Name, showing business name and name of partners

Limited Partnership

  • Business Tax Identification Number
  • Limited Partnership Agreement showing business name and name of partners, and
  • Business organizing document filed with and certified by state official, such as Certificate of Limited Partnership, showing business name and name of partners

Limited Liability Partnership

  • Business Tax Identification Number
  • Limited Liability Partnership Agreement showing business name and name of partners, and
  • Business organizing document filed with and certified by state official, such as Certificate of Limited Liability Partnership, showing business name and name of partners

Corporation

  • Business 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

Corporation (Publicly Traded)

  • Business 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

Professional Corporation

  • Business 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

  • Business 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

Unincorporated Association

  • Business Tax Identification Number
  • Organizing document, such as Articles of Association (if available)

You will be prompted to select what type of bank account you prefer to open. Some online banks offer a variety of options, from business economy checking to full analysis business checking.

If you are given the opportunity, select the business debit card option and review all the additional services you can add to your account.  

Now that you have opened a business bank account successfully, the next step is establishing a favorable bank rating for your company.

 

About the author

Marco Carbajo is CEO of the Business Credit Insiders Circle (http://www.businesscreditblogger.com), a step-by-step business credit building system providing credit recovery, lines of credit, business credit cards, trade credit, and funding sources.

About the Author:

Marco Carbajo

Guest Blogger

Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in 'Fox Small Business','American Express Small Business', 'Business Week', 'The Washington Post', 'The New York Times', 'The San Francisco Tribune',‘Alltop’, and ‘Entrepreneur Connect’.

Comments:

I recently registered an LLC in USA. I am an Indian citizen and I stay in India. I need to open a business bank online. I am not able to travel to USA for next few months. I need to open a bank account very soon. It will be very kind of you to provide some guidance in this regard. Which bank can help me to open a business account online, without the need for me to be present in the bank physically. Thanks
what is a good online bank to use for my business?
I think the best advice we got was to talk to our bank first and we did! Talking to our bank and getting them to help us with a plan as well as a opening a small account really got us on the right track. I would suggest this to anyone.
Thanks for the checklist for opening an online bank account.......for the busy small businessman, this is very useful data...........I am going to open an account online for my business.
I am thinking account opening a business bank account soon and want to thank you for putting this list together. It's really helpful! Now I know what I need depending on what type of structure I decide on. I tweeted it to my followers as well. Thanks again :)

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