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    3 Replies Latest reply on Jul 25, 2008 11:48 AM by Lighthouse24

    First trip to the bank...

    ih8civx Newbie
      Recently started an LLC to do promotions on a part time basis. I do not have my EIN number yet, however, I do have a few checks coming in.

      What paper work will I need to open a business banking account. The checks are in my company name that has been established through Instacorp.com
        • Re: First trip to the bank...
          amspcs Ranger
          Depends on the bank. But post 9/11 things have gotten a little more stringent, for good reason.

          For a business account you'll basically need to prove you are in fact a business--merely saying so doesn't suffice. Proof of EIN number, corporate or LLC state registration, Articles of your business entity, of course your ID, things like that . should do it. With gasoline what it is, may I suggest you call your favorite local bank and find out in advance what you'll need to avoid multiple trips?

          Another point of contention should be the fees associated with a business account. Here in Florida they run the gambit from $20 per month to free. Shop, shop, shop.

          Where are you located? Maybe some forum members in your area can lend some local insight.

          AMSPCS
          www.MerchantServices-help.com
          amspcs@juno.com
          • Re: First trip to the bank...
            LUCKIEST Guide
            First trip to the bank, Good idea

            Visit SCORE first, (Better idea) SCORE is FREE and can help you.

            You can also get a Federal I D Number on line (also FREE). Go to IRS.gov

            Good luck, LUCKIEST
            • Re: First trip to the bank...
              Lighthouse24 Ranger

              The items you'll need are noted in a previous post -- EIN (which you can apply for and receive on line), LLC registration document, articles of organization, and personal identification.

              Most major banks (BoA included) have a small business account product that is free so long as you maintain a minimum balance (usually around $3K). In my experience, small local banks can be either very, very good to a new small business, or terrible -- there never seems to be any middle ground. If you're considering a locally-owned bank, ask other small business owners there for recommendations.

              One tip -- a lot of upselling usually takes place when you open a new account, so be prepared for that. If you don't already know what the banking product is and don't already know for sure that you really need it, don't sign up for it. If it turns out that you want it later, it will still be available. Same with business checks -- you can order them from a place like CITM for about a third of the price that most banks charge, and you'll get them twice as fast.

              Welcome to the community, and good luck with your new business!