Business Bank Accounts

When you go the bank to open your business bank account, you will need to prove that you are a business, so you will want to proper documentation. The documentation needed will depend on the structure of your business (sole proprietorship, corporation, LLC or partnership).

Provide a certified copy of the fictitious name certificate if you are a sole proprietor and the account title will be in the business name (and the business name isn't your name, i.e Apple Computers).

To avoid unnecessary fees and bank charges, figure out which type of account will best suit your business needs. How many checks and deposits do you need to write per week? Can you handle all of your transactions by ATM or online? Does your business need additional banking or financial services like longer business hours or automatic bill pay?
Do a little research, and you may discover that a basic business bank account can easily handle all of your business needs - and costs you virtually nothing.

Here are some banks that offer business banking services:

• Wells Fargo
  
• Citibank
  
• Regions Bank
  

When you've decided which bank you want to use, set up an appointment with a business banker, or sometimes you can just walk in to the bank, and they can take care of you. Because opening a corporate bank account requires additional documentation,you want to be prepared with the following:

(1) An Employer ID Number (Tax ID Number)

If you plan open a corporate bank account or pay wages to employees, you will need an Employer ID Number (EIN) also known as a Taxpayer ID Number (TIN).

To get your EID, you'll want to get a copy of the federal SS-4 Form Application from the Internal Revenue Service. You can even download the form online from their website. Then, complete the form and mail it back to the IRS.

(2) Certificate of Incorporation, issued by the Secretary of State for the state in which your business is incorporated (How to Incorporate Online)

(3) Customized Corporate Seal (included in your Corporate Book)

(4) Photo Identification (typically a driver's license or passport)

(5) Corporate Resolution that specifically designates you a the authorized individual to act on behalf of the company

Start with your local bank, especially if you are starting a local business that will benefit the local community.

You may want to go to the bank that you already have an existing personal account with, where they already know you as a customer. Have a business plan ready to present to them, so you can demonstrate that you are a professional business person.

A bank will feel more comfortable investing in your business if they see you have a well-thought-out plan. Keep in mind that they don't want to invest in start-ups that fail - so give them every assurance that your company will succeed.

If you haven's already, you'll need to create a business plan. BPlans.com has a gallery of 500+ business plans from existing businesses (They also sell business plan template software too). Choose the category that is closest to your own business or industry, and give yourself an inside look before you start creating your own plan.

http://www.smallbusinessdirect.com/sample_business_plans.html

See Also: Small Business Financing Tools and Tips.

Many entrepreneurs never get their business off the ground due to lack of financing. If your start-up needs funding, finding lenders can be a challenge, especially in a strapped economy. Don't let that stop you from looking. America One has some good financing options.

As a small or home-based business, you'll want to set up a separate bank account for business transactions. You'll most likely want checks so that you can pay vendors, employees, monthly bills, leases, etc.

Your bank can supply checks for you, but you can usually get them for much cheaper through a business check supply company. A check supply company specializes in checks, so you'll also have many more options of styles sizes and formats from which you can choose.

Compare prices and products of a few check supply companies to find the right choice for you at the best price.

The more checks you order, the more money you can save. Another way to save money is to order a plain check without any customized printing, and then print checks out from your computer to include your company name, bank account number, etc.

Keep in mind that in order to do this, you'll need special software that can print bank account numbers. check with your current accounting software - you may already have what you need.