Most providers ask for the same five things: your EIN or Social Security number, formation documents for your entity, a government-issued photo ID for every signer on the account, beneficial ownership information if anyone owns 25% or more of the business, and proof of your business address.
What counts as a "formation document," and how the EIN requirement actually gets satisfied, changes by entity type and by who you're banking with. That's where most of the confusion starts.
This piece breaks the checklist down two ways: by entity type (sole proprietorship, LLC, corporation, partnership) and by provider type (traditional bank vs. fintech), then covers the mistakes that slow an application down and the questions people search most on this topic.
The core requirements checklist
Every business bank account application asks for some version of the following. Exactly which documents satisfy each item depends on your entity type, covered in the next section.
Tax ID. An Employer Identification Number (EIN) for most entities. Some sole proprietorships can use a Social Security number instead.
Formation documents. Proof your business legally exists: Articles of Incorporation, Articles of Organization, a partnership agreement, or a DBA/fictitious name filing, depending on entity type.
Government-issued photo ID for each signer. A driver's license, state ID, or passport for every person who'll have signing authority on the account.
Beneficial ownership information. Names, addresses, and ownership percentages for anyone who owns 25% or more of the business, plus one individual with significant management control. This isn't a bank-specific quirk. It comes from FinCEN's Customer Due Diligence Rule, which every US financial institution has to follow when it opens a new business account.
Proof of business address. A lease, utility bill, or the address already listed on your formation documents.
Initial deposit. Some providers require one, some don't. More on the actual dollar figures below.
Here's the catch: two applicants with the same entity type can still see different requirements, because the documents that satisfy "formation documents" and "tax ID" aren't identical across providers. That's the part worth mapping out before you apply.
What do you need to open a business bank account? Documents by entity type
Last updated October 2026. To open a business bank account for a new company, banks typically ask for a formation document that proves the entity exists, a tax ID (an EIN for most entities), government photo ID for every owner or signer, beneficial ownership information, and proof of your business address. The lists below show how those documents change by entity type.
Requirements differ by bank, so treat these lists as what banks typically ask for, then check your bank's own list before you apply. They cover registered entities. For sole proprietors, see the entity type table after the checklist.
Documents for an LLC
Formation document: articles of organization (some states call it a certificate of organization or certificate of formation), filed with your state.
EIN confirmation: the IRS notice that shows your EIN, such as CP 575 or Letter 147C.
Operating agreement: banks often ask for it, especially for multi-member LLCs.
Certificate of good standing: some banks ask for a recent one from your state.
Government photo ID for each owner or signer.
Beneficial ownership information for anyone who owns 25% or more, plus one person with significant control.
Proof of business address: a physical address. Registered agent addresses and PO boxes are commonly rejected.
Business license or permits, where your city, county, or state requires one.
Documents for a C-corp or S-corp
Formation document: articles of incorporation (or certificate of incorporation), filed with your state.
EIN confirmation: CP 575 or Letter 147C.
Bylaws and corporate records: some banks ask for bylaws or a corporate resolution naming who can open the account and sign.
Certificate of good standing: some banks ask for a recent one.
Government photo ID for each officer or signer.
Beneficial ownership information for anyone who owns 25% or more, plus one person with significant control.
Proof of business address, with the same registered agent and PO box caveat.
Business license or permits, where required.
Documents for a partnership
Partnership agreement, signed by the partners. For a limited partnership, the certificate of limited partnership filed with your state.
EIN confirmation: CP 575 or Letter 147C.
Fictitious name certificate or business license, where required.
Government photo ID for each partner or signer.
Beneficial ownership information for anyone who owns 25% or more.
Proof of business address.
Documents for a nonprofit
Formation document: articles of incorporation or a certified copy from your state.
EIN confirmation: CP 575 or Letter 147C.
Proof of tax-exempt status: documents from the taxing authority that verify your status, such as the IRS determination letter.
Bylaws and board resolution, if the bank asks who is authorized to sign.
Government photo ID for each authorized signer.
Proof of business address.
Some banks also ask for an opening deposit; the amount varies by bank and account type.
Here is the same information side by side. "Yes" means the lists above name it as a standard request, "Often" means banks often ask, "If required" means some banks ask or your jurisdiction requires it, and "Not listed" means the lists above do not name it for that entity type.
Document | LLC | C-corp or S-corp | Partnership | Nonprofit |
|---|---|---|---|---|
Formation document | Yes | Yes | Yes (partnership agreement or certificate of limited partnership) | Yes |
EIN confirmation (CP 575 or Letter 147C) | Yes | Yes | Yes | Yes |
Operating agreement, bylaws, or board resolution | Often (operating agreement) | If required (bylaws or resolution) | Yes (partnership agreement) | If required (bylaws or resolution) |
Certificate of good standing | If required | If required | Not listed | Not listed |
Government photo ID for owners or signers | Yes | Yes | Yes | Yes |
Beneficial ownership information | Yes | Yes | Yes | Not listed |
Proof of business address | Yes | Yes | Yes | Yes |
Business license or permits | If required | If required | If required | Not listed |
Proof of tax-exempt status | Not listed | Not listed | Not listed | Yes |
Not sure which list applies? Your formation document tells you. Whatever your state filed is the entity type the bank will check against.
What to do before you open a business bank account: form your entity, get your EIN, then apply
The order matters, because each document depends on the one before it. A bank can't verify an entity that doesn't exist yet, and the IRS won't issue an EIN to one either.
Form your entity. File your articles of organization or incorporation with your state. Keep the filed copy, because it is your formation document. Our guide to how to incorporate a startup walks through the filing.
Write your governing documents. Draft the operating agreement (LLC), bylaws (corporation), or partnership agreement. Some banks ask for these, and you need them anyway.
Get your EIN. Apply directly with the IRS, which issues EINs free of charge, through its EIN page. Save the confirmation notice (CP 575 or Letter 147C) for your records. Our guide to how to get an EIN covers the steps.
Gather IDs and ownership details. Collect a government photo ID for each signer and the names, addresses, and ownership percentages of everyone who owns 25% or more.
Open the account. Apply with a bank or banking platform, using the same legal name and address that appear on your formation document and EIN notice.
Use the same legal name and address on your application that appear on your formation document and EIN notice. Banks check them against each other, and a mismatch can slow things down. Still comparing options? Our guide to the best business bank accounts lays out what to look for.
How requirements vary by entity type
Entity type | Tax ID | Formation document typically required |
|---|---|---|
Sole proprietorship | SSN, ITIN, or EIN, depending on the bank | None, or a DBA/fictitious name certificate if you're operating under a name other than your own |
LLC | EIN | Articles of Organization or Certificate of Formation (the exact name varies by state) |
Corporation | EIN | Articles of Incorporation or Certificate of Incorporation |
Partnership | EIN | A partnership agreement; limited partnerships also need a Certificate of Limited Partnership |
A few things that trip people up in this table. Bank of America and Chase both confirm, on their own published requirements pages, that some sole proprietors can open a business account with just their Social Security number, no EIN required. Ramp's published guidance says the same thing, while adding that "banks often prefer" an EIN even from sole props, since it's free and takes about 15 minutes to get from the IRS site directly.
Any entity operating under a name that isn't its legal name, an LLC doing business as something else, for instance, needs a DBA or fictitious name registration on top of its formation documents, regardless of entity type.
How requirements vary by provider type
The document list looks similar whether you're applying at a 150-year-old bank or a five-year-old fintech. Where things actually diverge is in what satisfies each requirement, and who gets an account at all.
Traditional bank | Fintech | |
|---|---|---|
EIN documentation | Required at application in most cases; a few allow sole proprietors to substitute an SSN | Varies by provider; some accept an EIN application confirmation in place of the finished EIN |
Entity types served | Sole proprietorships, LLCs, corporations, and partnerships | Varies by provider; some serve only incorporated businesses |
Where you apply | Online or in a branch | Fully online |
Rho is one example of the fintech side. Rho is built for US-incorporated businesses.
Common mistakes that slow an application down
Assuming a sole proprietorship needs no paperwork. It still needs a DBA filing if you're operating under any name other than your own, and some providers, including some fintechs, don't open accounts for sole props at all.
Waiting on the mailed EIN letter. When you apply for an EIN online, the IRS issues the number immediately and lets you save the confirmation notice, so you don't need to wait for paper mail.
Missing a beneficial owner because they're under 25% on paper but linked through another entity. FinCEN's ownership calculation can require looking through holding structures, not just the cap table on its face.
Business address mismatch. If the address on your formation documents doesn't match what you list on the application, expect a manual review delay.
Where Rho fits
Once your documents match, the last decision is where to open the account. If your company is already incorporated in the US, Rho is a banking platform built for US-incorporated businesses. See how Rho business banking works.
FAQs
An EIN or Social Security number, formation documents specific to your entity type, government ID for every signer, beneficial ownership information for any 25%+ owner, and proof of your business address. Some providers also require an opening deposit.
For LLCs, corporations, and partnerships, yes, in almost every case. Some sole proprietorships can use a Social Security number instead, per Chase's and Bank of America's own published requirements. Get your EIN first, because most providers ask for it at application.
No. Sole proprietors can open a business account too. Most traditional banks accept a Social Security number in place of an EIN for a sole proprietorship. Fintechs vary, and some serve only incorporated businesses. Rho is built for US-incorporated businesses.
Yes. Common reasons include failing identity verification, submitting formation documents that don't match the application, operating in an industry the provider doesn't bank, or triggering the anti-money-laundering screening every financial institution runs under the Bank Secrecy Act. None of this is unique to one bank. It's baked into federal requirements every provider has to follow.
Not for a basic checking account. A checking account doesn't extend you a line of credit, so most providers don't run a personal credit check just to open one. Some banks disclose that they can as part of underwriting when a credit product is involved: Wells Fargo's own account materials note that it may obtain a consumer report from a credit reporting agency during that process. What's more likely to come up is a check of your banking history through ChexSystems, not your credit score. A past overdraft or an account closed for unpaid fees can slow down an application even if your credit is otherwise strong.
It depends on the provider. U.S. Bank's Business Essentials application states a $25 minimum opening deposit. Ramp states no minimum. Bank of America doesn't publish a minimum figure but warns that an account left unfunded may be closed. Chase states only that the amount varies by account type, with no dollar figure given.
You can, but it's generally not a good idea past the earliest days of a sole proprietorship. Commingling personal and business funds makes bookkeeping harder, complicates taxes, and can undercut the liability protection an LLC or corporation is supposed to provide.
The friction is mostly procedural, not financial. You need formation documents, a tax ID, and beneficial ownership information on file before a provider will open the account, and a mismatched business address can trigger a manual review delay. Some providers charge a monthly fee or require a minimum balance to avoid an inactivity closure. And if you're not incorporated yet, your options narrow: some fintech providers serve only incorporated businesses.
To open a business bank account for a new company, banks typically ask for a formation document that proves the entity exists, a tax ID (an EIN for most entities), government photo ID for every owner or signer, beneficial ownership information, and proof of your business address. The lists on this page show how those documents change by entity type.
An EIN alone is usually not enough. Banks typically also ask for a formation document, government photo ID for each owner or signer, and proof of your business address. The exact list varies by bank and entity type.