Step 10 — Open a Business Bank Account

Separate your personal and business finances for better credit, organization, and growth.

Why a Business Bank Account Matters

Opening a dedicated business bank account is a critical step for any business owner. It helps you:

  • Separate personal and business finances for clear accounting and tax reporting.
  • Establish credibility with vendors, lenders, and investors.
  • Maintain a professional image with clients.
  • Prepare for business credit and loan applications.

Personal Layer

  • Keep personal and investment accounts separate to simplify taxes and tracking.

Business Layer

  • Choose a bank or credit union compatible with your accounting system.
  • Separate personal and business funds to maintain compliance.

Steps to Open Your Business Bank Account

  • Choose the right bank with low fees, online access, and business credit integration.
  • Gather required documents: LLC formation, EIN, operating agreement, and ID.
  • Open a business checking account and deposit initial funds.
  • Optional: Open a business savings account for taxes, investments, and emergency funds.
  • Integrate with your accounting system for seamless bookkeeping.