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Starting a Business? We're Here to Help You Take the Next Step

Starting a business is exciting, but it can also bring a lot of questions. What kind of business should you form? Which documents do you need? How do you open an account in the business’s name?
 
You do not need to have every answer before talking with us. Our lenders are here to listen, guide you through the account-opening process and help you feel prepared for what comes next.

What Will You Need to Open a Business Account?

The documents you need will depend on how your business is organized. Here is a helpful overview of the most common business structures and account-opening requirements.
 

Limited Liability Company

An LLC, or limited liability company, is a legal business structure that is separate from its owner or owners. Many small business owners choose an LLC, but it is not the only option.
 
If your business is an LLC, we may ask you to bring:

• Documentation from the Secretary of State
• A Certificate of Formation
• An Operating Agreement if the LLC has multiple owners
• An Employer Identification Number, commonly called an EIN

 If you are still deciding whether an LLC is right for your business, an attorney, accountant or tax professional can help you compare your options. Once you have chosen your structure, our lenders can help you understand what the bank will need.
 

Corporation

Incorporating means legally creating a corporation. People sometimes use the word “incorporate” when talking about starting any type of business, but corporations and LLCs are different legal structures.
 
If you are opening an account for a corporation, we may need:

• Documentation from the Secretary of State
• Articles of Incorporation
• An EIN

DBA or Sole Proprietorship

DBA stands for “doing business as.” It allows a person or company to operate under a name that is different from its legal name.
 
For example, Jane Smith might operate a bakery called Main Street Sweets. Main Street Sweets would be the DBA, but using that name would not automatically create an LLC or corporation.
 
For a DBA or sole proprietorship, we may ask for:

• Personal identifying information for the owner
• Information about the business and its operating name
• The Social Security number or Tax Identification Number, commonly called a TIN, associated with the business

Association or Organization

If you are opening an account for an association, club or other organization, you may need:

• Documentation from the Secretary of State, when applicable
• Current meeting minutes showing who is authorized to act for the organization
• An EIN

A Few Additional Items May Be Required

Every business is a little different. Depending on the ownership and account type, we may also request:

• A business resolution naming the people authorized to manage the account
• Identification and contact information for owners and authorized signers
• Information about the individuals who own or control the business

Do not worry if you are unsure which items apply to you. Contact one of our lenders before your appointment, and we can help you put together a checklist based on your business.
 

Let’s Get Your Business Moving Forward

Our lenders take the time to get to know you, learn about what you are building and help you explore the banking services that fit your needs. If you later need financing, want to expand or simply have a question, you will already have someone you know and trust.
 
If you are starting something new, we would be glad to be part of it. Contact a First State Bank lender to discuss your plans, review the documents you may need and prepare for your business account appointment.