When you create a new business, you need to create a bank account for it. This helps you keep the business' property separate from your personal property. This is helpful if the business is sued.

This article explains how to create a bank account for your new business.

First steps

You must have already formed your business with the Secretary of State. You need an employer identification number. 

Opening a business checking account

Each bank has their own requirements and forms. Contact your bank of choice before beginning the process.  

Be prepared to give them a copy of:

• Articles of Incorporation/Organization,
• Your bylaws,
• Your operating or partnership agreement,
• Your federal employer identification number, and
• Two types of photo ID.

Capital contributions

You must put some funds into your new business account. The initial money used to start a business is a called a “capital contribution.”  

It does not have to be a set amount of money. But it should be enough to cover the initial expenses of your business.  

Capital contributions generally are not withdrawn by the owner of the business until the business is either sold or dissolves. The money stays in to help the business run.  

If you would prefer to make a loan to your business, speak to an accountant or tax attorney first.