Open a business bank account.
Separating personal and business funds is the #1 thing that protects your liability shield. Here's how.
What you'll need
- EIN confirmation letter from the IRS (CP-575 or 147C)
- Articles of Organization / Incorporation (formation document)
- Operating Agreement or Bylaws
- Government-issued photo ID for all owners with 25%+ ownership
- BOI report confirmation (if applicable)
- Initial deposit (varies by bank: $0 – $1,000)
Popular business bank options
| Bank | Best for | Monthly fee |
|---|---|---|
| Chase Business Complete | In-person + nationwide branches | $15/mo (waivable) |
| Mercury | Online businesses, startups | $0/mo |
| Bluevine | High APY on balances | $0/mo |
| Relay | Multi-account budgeting | $0/mo |
| Bank of America Business | Established small business | $16/mo (waivable) |