How to Open a Bank Account for Your Corporation or LLC

Montana is recommended because the annual filing fee is only $20 and it provides excellent privacy. New Mexico LLCs are also ideal due to no annual fees and strong privacy protections.

The brokerage will typically request your EIN, your EIN application (Form SS-4), corporate documents, and personal identification.

A brokerage account can give you check-writing ability, receive wire transfers, and link funds to your business account. It also allows investment discussions with licensed advisors.

Sometimes. Some banks require your corporation or LLC to be registered in the state where the business operates. Not all banks enforce this.

They will ask about your business type, expected deposits, number of checks, projected balances, and whether you need additional services like debit cards, credit cards, or merchant processing.

Banks must verify the identity of the person signing on the account. Your SSN is for identity verification — not tax reporting for the business.

Yes. The EIN is required for all LLCs and corporations. You can obtain it online through the IRS in about 20 minutes.

Most banks require $100–$500 as an initial deposit. Brokerage accounts may require a higher deposit.

Some do. If your state does not list managers or officers, the bank may require a signed statement from the incorporator or updated articles to verify your role.

Yes — as long as the company has updated records, proper officer authorization, and the new owner can prove authority with appropriate documentation or incorporator statements.

Yes. Most banks require a Certificate of Good Standing dated within the last 60 days. If yours is older, you must request a new one from the Secretary of State.

You will need your Articles of Incorporation or Organization, a Certificate of Good Standing (issued within the last 60 days), your EIN, personal ID, and any bank-required authorization forms such as a corporate resolution.