How to open a bank account for your corporation or LLC

You’ll need to have or do the following:

  • A copy of the filed Articles of shelf Incorporation for your corporation or the Articles of Organization for an LLC.

  • A current Certificate of Good Standing that was issued in the last sixty days
  • These documents show the Bank Account For Corporation Or Llc that your company is up to date with the States filings

  • If your Certificate of Good Standing is over 60 days old then you will have to get a new one from the Secretary of State where the company is originally filed
  • Establish with the bank that has the ability and authority to sign over the bank account by having Account Opening Documents

  • Any public record showing that you are a corporate officer to the company
  • Not every state reports all of the names of the LLC manager or the corporate officers
  • You may have to obtain a signed statement from your incorporator showing that you are the new owner of the company
  • There may be instances where you will have to refile the articles of incorporation to show your name new address of said business on the public record
  • The President, Vice president or Treasurer of the shelf company are recommended to sign a corporate resolution to have the account open and highlight as well as identify who has the authorization to be the signer on the account

  • The first deposit is $100 to $500 to open a business banking account
  • For brokerage accounts the initial deposit may be over $500
  • A form of photo identification, such as a driver’s license
  • The company’s EIN (Employer Identification Number)
  • You need to obtain this from the IRS before you even apply for the bank account
  • Within twenty minutes, you can apply for the EIN online with the IRS.
  • As the signer on the business bank account, your Social Security is required for the bank to identify you
  • Ask the representative to confirm both your company’s EIN and the signers SSN to avoid confusion
  • The bank uses the signer’s signature on the signature card to compare when a check is presented at the bank
  • Before arriving at the LLC Bank Account, you should qualify your company in the state you do business in as a foreign corporation or for an LLC

  • ) Not all banks will require you to do this before arriving
  • Many banks receive their license to operate from their state and the state encourages the bank to require their companies to foreign qualify
  • The bank representative also seeks to know the company’s purpose and its future activities. This is known as the “Know Your Customer” Regulations

All of these items are necessary for your shelf company to open the bank account.

Bank Account For Corporation Or Llc-californiashelfcompany

The bank also wants to protect itself from any chance of fraud. So, you should expect them to ask these questions.

  • What is the business of this company?
  • On a monthly basis, how much in deposits are expected?
  • At any given time, what is the maximum expected deposit?
  • How many checks will you be writing every month?
  • Will you need a debit card or credit card for the business bank account?

  • What is its expected monthly balance?
  • Are you interested in accepting business credit cards?

  • Do you have a personal business account with the bank? If not, would you be interested in opening one?
  • Are you interested in opening a brokerage account?
  • Are you interested in opening a personal savings account?

Why should you open a brokerage account for your business?

It gives you the ability to write checks from the brokerage account, receive wire transfers and link the funds to the shelf companies bank account, and be able to discuss investment options with a licensed professional

What is the procedure for opening a brokerage account for your business?

  • Completing an application
  • Making an appointment at the bank
  • It is like opening a personal bank account.
  • Your brokerage may ask for a copy of the SS4 form/ EIN Application
  • They want to be sure that the same person who applied for the EIN is the same person making the investment decisions. If they do not match you will likely be unable to open the bank account
Bank Account For Corporation Or Llc-californiashelfcompany

What States Should I Consider When Buying the  Shelf corporation?

Obtain a  Shelf corporation from a state that requires a low annual filing fee to maintain the company, respects your property rights, and doesn’t require disclosure of the owners of the company on public record. Montana corporations are ideal. The annual filing fee is $20 per year. The New Mexico LLC’s work great in California as well. There’s no annual fee for a NM LLC.