How to Open a Bank Account for an S-Corporation

To open a bank for an S-corporation, you should first collect all your corporation documents. Make an appointment with a business banker at the bank of your choice, and go in with all majority shareholders of the business. Those who are going to be able to withdraw funds from the bank account will need to bring their own personal identification, which includes a photo ID and their SSN or ITIN.

When opening the bank account, you will need your S-corporation’s documents and its EIN. If you haven’t acquired an EIN yet, you should acquire one now. This is what separates the bank account as an entity from your shareholders. An EIN can be acquired online within about an hour, or through mail, phone, and even fax. The process of mail can take several weeks, however.

Once your banker has approved your bank account, you’ll get the relevant documents, check book, and debit card in hand. From there, you’ll be able to operate with the business bank account rather than having to rely upon personal sources of funding.



Written by Maurice Mallory