Bank Accounts
In order to open a bank account for your new company, you will minimally need to obtain a federal tax ID number for your company (a single member LLC without employees may use the owner's Social Security number). This number is obtained by filing a Form SS-4, which can be done online at Www. irs. gov or by completing and mailing the form to the IRS. The bank will also require a corporate resolution, which is a standardized form normally provided by your bank. If you are an LLC, the bank may want to see a copy of your operating agreement, and if you are incorporated in another state, the bank will want to see evidence that you have qualified your foreign corporation or LLC in the state.
When establishing the company bank account, it is also a good idea to restrict who can sign checks for the company, and to require two signatures for checks above a certain amount. This way, you can control who has access to the bank account and maintain accountability for company funds.
