Please note that all Azlo accounts will be closed on 3/31/2021.

For more information, visit our

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#FINANCE, #GUIDE, #BUSINESS, #BUSINESS BANKING

How to Open a Bank
Account for an LLC
Online

Wondering how to open a bank account for an LLC online?

First, congratulations on starting your business!
Establishing an entity, such as an LLC, takes patience,
paperwork, and diligence. Second, kudos to you for
making the choice to separate your personal and business
finances. Doing so will help you keep better track of your
business expenses and cash flow.
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the most popular
business structures, which means that banks have clear
requirements and processes for providing business bank
accounts to LLC owners. Before you approach a bank,
here are answers to a few questions you might be asking
yourself:  
How do I open a bank account for my LLC?
While you are waiting for your LLC approval or shortly
after receiving approval, it could be helpful to shop around
for a business bank account that suits your needs. Many
business customers are beginning to rethink business
banking by opting for banks that are digital, include
integrations, and have fewer fees.
When you have made your selection, you can apply for a
business bank account either in a branch office or online,
depending on the bank. Opening an account online is
often the faster and more convenient route, but there are
pros and cons to whether you choose a physical bank or
an online one. Either way, you will likely need to supply
your LLC formation documents alongside personal
verification, such as your ID, Social Security card, or proof
of address.
Depending on the state and your business type, the main
LLC document to have on hand while applying for a
business bank account could be called the Articles of
Organization, Articles of Incorporation, Certificate of
Organization, Certificate of Incorporation, or Certificate of
Formation. Most banks will also ask for your Employer
Identification Number EIN .
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The bank should let you know during the application
process if any additional items are needed.
Should I open a separate bank account for my LLC? 
While a sole proprietorship or partnership is able (though
typically discouraged) to operate on a personal bank
account, an LLC may be required to have a separate
business bank account. Requirement and entity type
aside, most financial experts agree that a best practice for
any business owner is to separate personal and business
finances. One writes:
“ A business checking account is a useful way for business
owners to separate business assets and affairs from
personal assets and affairs. Failure to maintain separate
bank accounts could expose the owner to personal
liability, even in a corporate setting, especially if the owner
is not treating the business as a separate entity. While sole
proprietorships are not treated as separate entities from
the business owner, a separate business account may
help the company differentiate between expenses, which
can be useful come tax season.”
Opening a separate bank account for your LLC might not
be the most exciting task in an entrepreneur’s journey, but
you may quickly come to realize the many benefits of a
business bank account, which can include digital and
mobile banking, payment and payroll integrations, and
more.
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The requirements to open a business bank account vary
from state to state, and from one bank to the next.
However, an EIN alone is usually not sufficient
documentation for a bank to confirm that your business is
a legal entity. Additionally, obtaining an EIN before forming
an LLC can possibly cause more work in the long run. If
you attach an EIN to an LLC name that is later rejected,
you will need to go through the EIN process over again to
obtain a new EIN for an approved LLC. The good news is
that it’s possible to apply for an LLC, EIN, and business
bank account all online. 
Does a single-member LLC need its own bank account? 
An SMLLC is not always required to open a separate bank
account, but experts generally recommend having one.
Commingling personal funds with your SMLLC funds could
blur the lines between you and your business could put
your personal assets at risk. SMLLC owners do have to
obtain an EIN, which further reinforces opening a business
bank account as the next logical step. As always, seek
guidance from a professional.
Are there fees to open a business bank account for my
LLC?
Whether or not your business bank account comes with
fees will depend on the bank and account type you
choose. A 2020 WalletHub study showed that business
checking accounts could be 70% more expensive than
personal checking accounts and 47% more expensive than
online-only personal checking accounts. Large financial
institutions require monthly maintenance, transaction,
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typically known for minimizing fees, and sometimes even
removing them altogether. While opening any business
bank account, pay attention to fees and ask as many
questions as you need in order to understand any and all
costs associated with owning the account.
What bank is best for an LLC? 
It’s not so much a question of finding the best bank for an
LLC, but more so a matter of finding the best bank for
your business. Learn how to open a business bank
account for an LLC online.

Hi there! This post exists to offer you (hopefully) useful information but it cannot take

the place of personalized professional advice. Please consult a qualified expert if you

have questions about your business. Also, Azlo doesn’t endorse any third-party sites

that are linked here.

TAGS: #FINANCE #GUIDE #BUSINESS #BUSINESS BANKING

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