Business Bank Account for an LLC: Checklist

Your LLC needs its own bank account, and to open one you bring your EIN letter, your state-filed formation papers, a government photo ID, and, at many banks, your operating agreement. Do the EIN and formation steps first, then apply online or in a branch. Here is the full checklist and the order to do it in.

Maybe you finished your first big job and the client paid into your personal checking account. Now your rent, groceries, and a materials run all sit in one list. That is the moment this guide is for.

Do you need a separate business bank account for your LLC?
What to bring: the document checklist
Business bank account requirements by LLC type
How to open a business bank account for an LLC, step by step
How to choose an LLC bank account
How do invoice payments get into your business account?
Mistakes that slow down an LLC account
FAQ

Do you need a separate business bank account for your LLC?

Yes, in practice you do. No universal federal law forces an LLC to hold a separate account, but your state’s rules, your operating agreement, a lender, or a client contract may require one, and a separate account is the simplest proof that your business and your personal life are two different things.

Why separation protects you

An LLC is meant to keep your personal assets apart from the business’s debts. When business money and personal money mix in one account (lawyers call it commingling), that wall gets easier to attack. The account alone is not a legal shield, and the rules vary by state, so ask an attorney if your situation is complicated. But a clean account is the first thing that helps.

It also makes your life easier. Every deposit is a client payment and every charge is a business cost, so tax time is a download, not a weekend of sorting.

Does a single-member LLC need one?

A single-member LLC needs a business account for the same reasons. The IRS treats a single-member LLC as a “disregarded entity” for income tax by default, meaning the profit lands on your personal return. That does not make the money personal. Keep it in its own account anyway. The IRS guidance on single-member LLCs explains when you also need your own EIN, such as when you hire employees or elect corporate tax treatment.

What to bring: the document checklist

Banks vary, but the SBA’s launch guide lists the usual account-opening items: an EIN, formation documents, ownership agreements, and a business license, with the note that banks may ask for more. Bring this one list so you are not turned away at the last step:

Government photo ID for every person who will sign on the account.
EIN confirmation. Your EIN is the IRS tax ID for the business. Keep the IRS confirmation letter (CP 575). If you lost it, the IRS can send a replacement (Letter 147C).
Formation documents. These are the papers your state stamped when it created the LLC: articles of organization, or a certificate of formation in some states. Some banks also want a certificate of good standing.
Operating agreement. This is the short document saying who owns the LLC and how it runs. Banks like Citizens list it outright. If you are the only owner, you can still write one, and it is worth having.
Banking resolution, if asked. A resolution is a one-page statement that the owners approve opening the account and name who can sign. Many banks give you a form for it.
Business license or DBA, if you operate under a name different from the LLC’s.
Owner details. Expect to give your home address, date of birth, and Social Security number. Bank of America, for instance, asks for personal information on qualifying owners and the controlling manager.

Not sure which tax ID to use for what? The breakdown of LLC EIN vs SSN vs sole-proprietor EIN covers it. Short version: if you have both an old sole-prop EIN and an LLC EIN, the account for the LLC should use the LLC’s EIN, matching the name on your formation papers.

Business bank account requirements by LLC type

Requirements shift with how many owners you have and how the LLC is managed. Chase, for one, states that an EIN is generally required but lets some single-member LLCs use an SSN or ITIN in specified cases. Ask the bank before you assume.

	Single-member LLC	Multi-member LLC
Who shows up	You	Often all members or managers, depending on the bank
Online opening	Available at many banks	Less common; many banks want a branch visit
Operating agreement	Sometimes asked for	Almost always asked for
Resolution	Occasionally	Often, to name who can sign
Tax ID	EIN (SSN/ITIN allowed at some banks)	EIN, since a multi-member LLC is taxed as a partnership by default

If you have partners, decide up front who can sign and whether big payments need two signatures. Put it in the operating agreement and the resolution so the bank and your partners read the same rule.

How to open a business bank account for an LLC, step by step

Follow this order. Each step feeds the next, and you can do most of it from your phone.

Form the LLC. File your articles of organization with your state. Keep the stamped copy.
Get your EIN. Apply on the IRS site for free. It takes a few minutes, and you can save the confirmation letter to your phone.
Write your operating agreement. Even a short one for a solo owner. Multi-member LLCs should have every member sign.
Pick the bank. Compare fit using the checklist in the next section.
Gather the documents. Photograph or scan everything so it is ready to upload.
Apply. If the bank offers online opening for your LLC type, you can finish in one sitting. If not, book a branch visit and bring originals.
Fund the account and order the debit card. Banks often want an opening deposit. Ask what it is before you go.
Point your payments at it. Update your invoices, your payment apps, and your payment links so every dollar lands in the new account.

How to choose an LLC bank account

Pick on fit, not brand. The fee schedule is the source of truth, so read the bank’s own published schedule before you commit, because fees and waiver rules change. Use this table as your checklist:

Check this	Why it matters
Monthly fee and how to waive it	Waivers often depend on a minimum balance or monthly activity. Find the rule, not just the headline price.
Free transaction limit	Many accounts cap monthly transactions, then charge per extra one.
Cash deposit limit	If clients pay you in cash or checks, caps can hit you after you sign up.
Online vs branch	A phone-only account is fine for some owners, while others want a teller.
Tool connections	Check whether it links to the tools you already use for books.
Overdraft and ATM fees	These are the charges that feel like surprises later.

Chase, Wells Fargo, and Bank of America each publish fees on their own pages, and the amounts differ by account and change. Neither this guide nor any listicle can tell you today’s number, so check the schedule on the day you apply. Online-only banks are worth a look if you never handle cash.

How do invoice payments get into your business account?

Client payments reach your business account when the client pays by a method tied to it. The bank account is the destination. The invoice is how you ask. Pronto Invoice is invoicing software, not a bank, and it does not connect to your bank account. It is where you put the payment details on the invoice so the client knows where to send the money.

Here is how each common method ends up in your account:

Card payments. Processed through a payment provider such as Stripe or PayPal, which then pays out to the bank account you linked. With Pronto Invoice you connect your own provider account, so the rate is whatever you agreed with them.
ACH bank transfer. The client sends money straight to your account and routing numbers. See how ACH bank transfers work for small business.
Zelle. Limits and business availability are set by each bank, and payments generally cannot be reversed. Read Zelle for business: rules, limits, and risks first.
Venmo and Cash App. Both hold a balance you then move to your bank. Business profiles, fees, and records are covered in Venmo for business and the Cash App business account guide.

Point every method at the one LLC account, then list those payment options on each invoice. When a deposit lands, you match it to an invoice and mark it paid. For a simple routine, see how to keep track of invoices and payments.

One tax note: the IRS says business income is taxable and reportable whether or not you receive a Form 1099-K, and states may set lower thresholds than the federal one. The federal 1099-K threshold for payment apps is more than $20,000 and more than 200 transactions, per the IRS 1099-K FAQs. Keeping everything in one account makes that reporting straightforward.

Mistakes that slow down an LLC account

Keeping the personal account “just for now.” It never ends, and the mix-up grows with every deposit.
Skipping the fee schedule. The free account that charges for the 21st transaction is not free.
Showing up without papers. Missing the stamped formation document is the classic reason for a second trip.
Using the wrong EIN. The LLC’s account needs the tax ID that matches the LLC name on your formation papers.
Ignoring growth. If you plan to hire or add a partner, ask how the account changes when members are added.

FAQ

Does an LLC need its own bank account?

No federal law says so, but state law, your operating agreement, lenders, or contracts may. Practically, you should have one, because it keeps your personal assets separate and makes taxes simpler.

Can a single-member LLC open an account without an EIN?

Some banks allow a single-member LLC to use an SSN or ITIN. Most prefer an EIN, and you need one if you have employees or elect corporate tax treatment. An EIN is free from the IRS.

Do all members have to be present?

It depends on the bank. Many want all members or controlling managers present for a multi-member LLC, while others accept a signed resolution. Call ahead.

Can I open a business account online?

Often yes, especially for single-member LLCs. Multi-member LLCs more often need a branch visit. Check the bank’s application page.

What if I add a member later?

Tell the bank. You will likely update your signers, your operating agreement, and a new resolution.

Open the account, then send the first invoice

Get the EIN, gather the papers, and pick the account on fit. Once the account is open, put its details on your invoices and your payment apps so deposits and invoices line up. If you want invoices you can build and send from your phone, Pronto Invoice has a free tier. This post is general information, not legal or tax advice, so ask a CPA or attorney about your own LLC.