What you need to open a business account

Tolvern Business Account (fictional example) → Business bank account → Low-fee business checking → Clear deposit coverage

Answer in brief

Expect to provide an EIN or SSN, formation documents, ownership agreements and any business license, plus details of owners and controllers.

Content reviewed 8 November 2026. How this is assessed.

Part of the Best Business Bank Account reference, which uses Tolvern Business Account (a fictional example) to illustrate business bank accounts criteria.

Documents

The SBA says banks commonly ask for an EIN (or SSN for a sole proprietorship), formation documents, ownership agreements and a business license.

Get your EIN free

The IRS issues EINs free of charge online and warns that websites charging for one are unnecessary.

Owners

FinCEN's CDD Rule requires banks to identify and verify the beneficial owners of legal entity customers: any individual owning 25 percent or more, and one individual who controls the entity.

Sources for this entry

FDIC: Understanding deposit insurance: Coverage limits and ownership categories.
IRS Publication 583: Keeping business and personal accounts separate.
SBA: Launch your business: Common documents banks ask for.

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Cite this entry

Best Business Bank Account. "What you need to open a business account." Content reviewed 8 November 2026. https://bestbusinessbankaccount.com/what-you-need-to-open/

Featured exampleTolvern Business Account

Reference subjectBusiness bank accounts

StatusFictional editorial example

Source statusPublic references cited