What You Need to Open a Business Banking Account

A partnership is the relationship between two or more parties (people, companies, etc.) to do trade or business. Each party contributes money, property, labor or skill, and shares in the profits and losses of the business.

For example, law firms, physician groups, and accounting firms can all be structured as a partnership.

To open partnership accounts, each owner and/or authorized user will need a valid, government-issued driver’s license or non-driver identification card. You must also provide:

• Partnership Agreement or Limited Partnership Agreement (all pages)
• Employer Identification Number (EIN) verification via one of these documents:

⚬ Copy of federal tax return (Form 1065, U.S. Return of Partnership Income, Schedule K)
⚬ EIN Application (Form SS-4)
⚬ EIN Confirmation Letter (Form CP-575)
⚬ EIN Verification Letter 147C, EIN Previously Assigned

Depending on the type of partnership, the following is also required:

• General Partnerships require a Registration of Fictitious Name if all owners’ last names are not listed in the business name (e.g., Jane Jones and Barbara Smith DBA Malvern Graphic Design)
• Limited Partnerships require a Certificate of Limited Partnership (Form 8511)
• Limited Liability Partnerships require a Certificate of Limited Partnership (Form 8511) and Statement of Registration – Domestic Registered Limited Liability Partnership

Note: Form 1065, U.S. Return of Partnership Income, Schedule K (one for each partner) can be used as evidence of the partners included in the partnership but is not required.

A corporation is a legal entity that is separate and distinct from its owners. Under the law, corporations possess many of the same rights and responsibilities as individuals. They can enter contracts, lend and borrow money, sue and be sued, hire employees, own assets, and pay taxes.

For example, construction firms, publishers, shippers, waste management and restaurants can all be structured as a corporation.

To open corporation accounts, each owner and/or authorized user will need a valid, government-issued driver’s license or non-driver identification card. You must also provide:

• Articles of Incorporation – For Profit
• Corporate Resolution listing all applicable owners / partners, if applicable (all pages)
• Employer Identification Number (EIN) verification via one of these documents:

⚬ Copy of federal tax return (Form 1065, U.S. Return of Partnership Income, Corporations as 1120 or 1120 S)
⚬ EIN Application (Form SS-4)
⚬ EIN Confirmation Letter (Form CP-575)
⚬ EIN Verification Letter 147C, EIN Previously Assigned

• Form 2553, Election by a Small Business Corporation (used to identify the owners of an S-Corporation when federal tax returns are not yet available)

Limited liability companies (LLCs) are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship, LLCs protect its owners from being personally pursued for repayment of the company's debts or liabilities.

Almost any company or person can be an LLC, except for banks and insurance companies.

To open LLC accounts, each owner and/or authorized user will need a valid, government-issued driver’s license or non-driver identification card. You must also provide:

• Articles of Organization or Operating Agreement (An Operating Agreement is needed for a multi-member LLC that does not have ownership percentage listed on Articles of Organization)
• Employer Identification Number (EIN) verification via one of these documents:

⚬ Copy of federal tax return (Form 1065, U.S. Return of Partnership Income, Schedule K, 1120 or 1120 S)
⚬ EIN Application (Form SS-4)
⚬ EIN Confirmation Letter (Form CP-575)
⚬ EIN Verification Letter 147C, EIN Previously Assigned

• Form 2553, Election by a Small Business Corporation (used to identify the owners of an S-Corporation when federal tax returns are not yet available)

A nonprofit organization is an entity that is created and operated for charitable or socially beneficial purposes rather than to make a profit. A nonprofit might serve religious, scientific, charitable, educational, literary, health, or animal welfare purposes.

To open nonprofit accounts, each authorized user will need a valid, government-issued driver’s license or non-driver identification card. You must also provide:

• Articles of Incorporation – Nonprofit (Form 5306/7102)
• Employer Identification Number (EIN) verification via one of these documents:

⚬ Copy of federal tax return (Form 990, Return of Organization Exempt from Income Tax)
⚬ EIN Application, Form SS-4
⚬ EIN Confirmation Letter. Form CP-575
⚬ EIN Verification Letter 147C, EIN Previously Assigned

• Organization’s meeting minutes that meet the following criteria:

⚬ Must specifically identify the authorized signers of the account or the nonprofit’s officers.
⚬ Accompanied by a Fund Letter issued and signed by the organization’s officers that identifies the authorized financial institution and the authorized signers.

An unincorporated association or organization is a group of people that have come together for a common purpose to start a business, a nonprofit, set out on a joint venture, or for some other lawful purpose.

For example, if you and several of your neighbors get together to help raise funds to keep your local library branch open, you've formed an unincorporated nonprofit association. Other examples include neighborhood associations, booster clubs or fundraising groups for a specific cause.

To open unincorporated association accounts, each owner and/or authorized user will need a valid, government-issued driver’s license or non-driver identification card. You must also provide:

• Articles of Incorporation – Nonprofit (Form 5306/7102) OR Articles of Incorporation – For Profit
• Employer Identification Number (EIN) verification via one of these documents:

⚬ Copy of federal tax return (Form 990, Return of Organization Exempt from Income Tax)
⚬ EIN Application, Form SS-4
⚬ EIN Confirmation Letter. Form CP-575
⚬ EIN Verification Letter 147C, EIN Previously Assigned

• Organization’s meeting minutes that meet the following criteria:

⚬ Must specifically identify the authorized signers of the account or the nonprofit’s officers.
⚬ Accompanied by a Fund Letter issued and signed by the organization’s officers that identifies the authorized financial institution and the authorized signers.