Small Business Starting – Opening the Bank Account
Posted in Business Banking on January 11th, 2010 by admin – Be the first to comment Tags: Application Form, Banks, Business Account Application, Business Checking Account, Contact, Copyright, Corporate Resolution Form, Deposit Slips, Free Checking, Interest Rates, Necessary Fees, Order Checks, Partnership, Small Business, Social Security, Social Security Card, Sole Proprietorship, State Government, Tax Identification Number
Do you know what steps to take when opening your business checking account? The banks will ask for your tax identification number before opening the business account. If you are incorporated, the banks require that you fill out a General Corporate Resolution Form and return it to them, along with the business account application.
The first step is to fill out the application. You must indicate on the application your form of business such as sole proprietorship, partnership, corporation, non-profit, state, or government. The banks may require that you bring two forms of identifications with you when you apply for your business checking account such as a driver’s license and a social security card. The procedures may vary from state to state.
The second step is to pay the necessary fees, if any. To open a business checking account, most banks require a small deposit. The amount of deposit required may vary from bank to bank. You may call your bank to verify what is required to open a business checking account. You may contact your bank and inquire about their monthly fees and interest rates, which may vary depending on the bank with which you are dealing. You may also shop around for specials such as free checking.
The final step in opening the business checking account is to order the checks and deposit slips. Fees for the checks and deposit slips will also vary depending on the bank with which you have the account.
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