5 Introductory Credentials That Are Necessary to Open a Business Bank Account

Are you a brand-new business owner looking for a way to manage your finances? Are you looking for a way to keep your money organized and secure? If so, then you may want to consider opening up a bank account for your business. This is a great way to keep revenues organized, but it also makes it easier to handle transactions.

Proper Banking is the Backbone of Business:

Business Writer Julie Ross explains that “A business bank account is used for business transactions only. Like accepting payments from clients, or paying employees and vendors. Some businesses aren’t required to open a business bank account, but doing so offers many advantages. Including – but not limited to – personal liability protection, fewer headaches at tax time, and a more professional image.” Here are a few important essentials that are necessary to open up bank accounts for a business:

1.       A Business EIN Number: An EIN number is code otherwise known as an Employer Identification Number. This number is essentially a business's Social Security number. It’s impossible to open up a business banking account without furnishing an EIN.
2.       A Certificate of Good Standing: If your business is incorporated, you will need to provide a Certificate of Good Standing to demonstrate creditworthiness.
3.       Proprietor Identification: Entrepreneurs/business owners are required to provide some form of personal identification in order to open up a business bank account. This can be a driver's license, passport, or state ID.
4.       A Unique Phone Number: Regardless of what business you’re engaged in, you will need to provide a phone number to financial institutions. A unique phone number is ideal because it prevents personal affairs from being mixed up with business affairs.
5.       A Unique Address: In the event that your business needs to transmit and receive correspondence, a mailing address should also be provided to financial institutions.

Conclusion:

Without question, it’s important for small businesses to keep finances in check. One way to do this is by opening up a bank account specifically for business purposes. Designated bank accounts make it convenient to execute transactions, and keep track of money. If you like what you just read from our blog, you’ll love the various informative courses, workshops, and events listed on our websites and social media. Whether you’re interested in personal development, health and wellness, bettering your relationships, or the overall improvement of your business, give us a call at 1 (800) 913-0222 to find out how Richard Martinez can help you break past your daily struggles and start soaring in success.