How to Open a Bank Account for a Personal Service Corporation
A personal services corporation can open a business account in two ways. If the personal services corporation is run by a single person with no employees, that person can open a business account under their own name and social security number. Many simple bank accounts can be opened up online or through a phone call; all the company will need is information about the business and the person who owns it. However, if the personal services corporation is owned by multiple people, it’s more complex.
Opening a personal services corporation account for a company with multiple owners requires that all owners of 20% or more of the company be involved. The owners will need to schedule time with a banker at their bank of choice and bring in the following documents: proof of their own identification, the company’s license to operate, the company’s employer identification number, and the company’s legal documents.
The banker will go over their documents and open the bank account as directed, usually with an initial deposit to be processed. Once the bank account has been opened, debit cards and checks will be sent to the owners. Specific owners are usually chosen to be signers on the account. Of particular importance is the EIN, which is necessary to open a business account; it should be acquired before meeting with the banker.