Your business structure determines which documents you'll need and, in some cases, which banking options are available to you.

Sole Proprietor: You and your business are the same legal entity. You may or may not have an EIN (more on that shortly), and you may operate under your own name or a DBA ("doing business as"). The process is typically the fastest and requires the fewest documents.

Single-Member LLC: You've formed a legal entity separate from yourself. You'll have Articles of Organization from your state, and most banks will require these along with your EIN.

Multi-Member LLC or Partnership: You'll need your operating agreement in addition to formation documents, as banks want to see who has authority to manage the account.

S-Corp or C-Corp: You'll need your Articles of Incorporation, EIN, corporate resolution (a document authorizing who can open the account), and possibly your bylaws.

Most NoBossly readers fall into the first two categories. But knowing where you stand before you show up — physically or digitally — will save you time and frustration.

Here's the standard document checklist most banks require, broken out by entity type.

Government-issued photo ID — driver's license or passport Social Security Number (SSN) — most banks accept this instead of an EIN for sole proprietors EIN (optional but recommended) — free to obtain at IRS.gov, takes about five minutes; protects your SSN from being shared on invoices and business documents DBA registration — if you operate under a business name different from your legal name, bring proof of registration from your county or state Business address — can be your home address; just make sure it's consistent with your other filings

Articles of Organization — the formation document filed with your state when you created the LLC EIN — required by virtually all banks for LLCs; apply for free at IRS.gov Operating Agreement — some banks require this to verify ownership structure and who is authorized on the account Registered Agent information — not always required at the bank, but good to have handy Government-issued photo ID — for every owner or authorized signer

Everything above, plus:

Articles of Incorporation Corporate bylaws Corporate resolution — a formal document authorizing specific individuals to open and manage bank accounts on behalf of the corporation

An Employer Identification Number is essentially a Social Security Number for your business. The IRS issues them for free, and you can apply online at IRS.gov/EIN. The online application is available Monday through Friday, and you'll receive your EIN immediately upon completion.

Even if you're a sole proprietor without employees, getting an EIN is worth doing. It means you're not handing out your Social Security Number every time a client asks for tax forms. It also signals that you're running a real business — which matters to banks, clients, and potential lenders alike.

Not all business bank accounts are created equal. Here are the main options to consider.

Traditional Bank (Chase, Bank of America, Wells Fargo, etc.): Offer extensive branch networks, in-person support, and familiarity. Often have monthly fees that can be waived by maintaining a minimum balance or meeting transaction thresholds. Good if you handle a lot of cash or need in-person services.

Community Banks and Credit Unions: Often more flexible with documentation requirements, lower fees, and more personalized service. Worth checking locally, especially if you value a real relationship with a banker.

Online-Only Business Banks (Mercury, Relay, Novo, Bluevine, Found): Typically zero or very low fees, fast digital application processes, and seamless integration with accounting software. No branch access, which can be a limitation if you deposit checks or cash regularly. Excellent for service-based solopreneurs who operate fully digitally.

What to look for in any account:

No or low monthly maintenance fees Free ACH transfers (you'll use these constantly) Integration with QuickBooks, Wave, or your preferred bookkeeping tool A debit card you can use for business expenses Mobile check deposit capability FDIC insurance up to $250,000

At a traditional bank: You'll likely need to schedule an appointment or visit a branch. Bring all your documents, be prepared to answer questions about the nature of your business, your expected monthly revenue, and whether you plan to accept card payments. The account may be opened same-day or within a few business days pending review.

With an online bank: The application is entirely digital. You'll upload photos of your ID, input your EIN or SSN, provide business details, and typically receive a decision within minutes to a couple of business days. Funding your new account is usually done via ACH transfer from an existing account.

Common questions banks ask:

What does your business do? What is your estimated monthly revenue? Who else needs access to the account? Do you accept card payments or international payments? Answer these accurately and honestly. Banks have compliance obligations around Know Your Customer (KYC) rules, and inconsistencies can flag your application.

Don't open an account that charges fees you can't waive. Some traditional banks charge $15– $30/month for business checking unless you maintain a significant minimum balance. For a new solopreneur, that's unnecessary overhead. Shop around.

Don't use one account for everything. Consider opening a second account — or using a dedicated savings account — as a tax reserve. When revenue comes in, move 25–30% into that reserve account immediately. You'll thank yourself in April.

Don't wait until you need it. Some first-time business owners put off opening an account until they're overwhelmed with income. By then, commingling has already created a mess. Open the account before your first transaction.

1. Determine your business structure. 2. Obtain your EIN at IRS.gov if you don't already have one. 3. Gather your formation documents (if applicable) and a valid photo ID.

4. Compare two or three banks — at least one traditional and one online — based on fee structure, features, and your operational needs. 5. Apply and fund your new account. 6. Update your invoicing template to show the new business account details. 7. Notify any recurring clients or payment platforms of your new banking information. That's it. This is one of those tasks where the anticipation is worse than the reality. Most solopreneurs are surprised by how straightforward the process actually is.

Once your account is open, the next step is making sure you understand the tax implications of taking payments online. Read the next guide: Accepting Payments Online: Legal and Tax Considerations.

Get your EIN first — it's free and takes minutes. If you operate under a brand name, banks will want the DBA paperwork, and once the account is live, set up bookkeeping before transactions pile up.