How to open an LLC bank account

To open an LLC bank account, you typically need to provide your LLC's formation documents, EIN (Employer Identification Number), and personal identification to a bank of your choice, allowing your business to manage its finances separately from personal ones.

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Creating an LLC business account is one of the most important building blocks for a new small business owner. A limited liability business structure separates and protects your personal finances from those of your company — and your LLC bank account acts partially as the burden of proof.

A business bank account for LLC owners gives you the flexibility to deposit checks and process electronic payments. When you first start a business, having an accurate incoming/outgoing financial tracking system can make or break you. Your LLC business bank account serves as an automated option to monitor your bottom line. 

Obviously, setting up a business bank account for LLC companies requires a little more than just your driver’s license.

LLC Bank Account Requirements

Necessary LLC bank account requirements could vary depending on your chosen bank. You can call them to double-check, but when you start an LLC (limited liability company), you’ll need:

  • Your personal ID or driver’s license, along with your business’s taxpayer ID number, otherwise known as your Employer Identification Number (EIN).     
  • Formation documents. Also known as your Articles of Organization (or Certificate of Formation or Certificate of Organization in some states), this is the document you filed with your state to establish your LLC.
  • Your business license. If your state requires a general business license to do business in the state, the bank may want to see it before letting you open a business bank account.
  • Operating agreement. This outlines things like ownership stakes and decision-making details, but it should also show who’s authorized to sign checks and do other transactions on behalf of the LLC.
  • “Doing business as” (DBA) name paperwork. If your LLC operates under a name other than its legal name, the bank may want to see documentation of it. In some states, a DBA is known as a trade name, assumed name, or fictitious name.

Additional documentation could be required depending on the bank, so it’s best to check the bank’s requirements before visiting them in person. 

Types of Business Bank Accounts for an LLC

Learning how to open a business bank account for LLC companies starts with the right documents. Before starting the process, you’ll decide on the type of LLC bank account that’s best for your company. Some of your options include:

  • Business checking account. Includes basic functions like cash and check deposits, ACH transfer, etc.
  • Business savings account. A business savings account comes in handy during slow periods to cover bills, inventory costs, and other overhead.
  • Credit card account/Lines of credit. You’ll eventually want to move toward improving your LLC’s credit status. We even provide business credit card accounts for LLC owners.
  • Merchant services account. This is necessary for accepting credit and debit card payments. It handles credit/debit payments and refunds, chargebacks, and other merchant tasks.

Opening an LLC bank account with us provides owners with an all-in-one solution for their banking and tracking needs.

Opening an LLC Bank Account

It’s rare you can open an LLC bank account online — most banks or credit unions require an in-person process. The following steps outline how to open a bank account for LLC owners from start to finish. ZenBusiness helps take the hassle out of the time-consuming, in-person process with easy online account creation.

Step 1: Form an LLC

If you haven’t already created your LLC, now is the time to do it. It’s mandatory if you want to open a bank account for LLC purposes. Plus, it’s how you can get the necessary paperwork required by your financial institution. With ZenBusiness, we handle the LLC paperwork filing, so everything is already verified.

Step 2: Choose a bank

At this point, you’ll choose where to open your LLC bank account. This requires researching different banks and credit unions. You’ll need to be mindful of minimum deposits, monthly fees, and other charges — it can turn into a real headache. With the bank account option from ZenBusiness, owners receive a small business bank account plus bookkeeping solutions. Track your expenses and incoming revenue, and even tag your deductions for tax preparation.

Step 3: Apply for a business bank account

After providing your documents and forms of identification, you’ll need to fill out a sizable application. In some cases, it could take several days for approval, depending on the bank.

Step 4: Fund your business bank account

The bank will probably require some form of the initial deposit plus a monthly minimum balance. In some cases, this can be a significant amount. If you’re already cash-flow positive, it’s no big deal. But for a new startup that hasn’t gotten the ball rolling, this can put extra stress on you as an owner.

With ZenBusiness banking, there’s no opening deposit required and no minimum balance or ACH fees — and we’ll mail your business debit card — all for $5 bucks a month.

Using Your LLC Business Bank Account

Learning how to open a bank account for an LLC has several advantages. Consider the benefits of using a business bank account like ZenBusiness banking:

  • Layer of Protection. You’ll have further evidence that you and your business are two separate entities. This helps keep your personal funds out of danger with creditors and lawsuits.
  • Bookkeeping Solutions. Track your expenses and business finances to discover where you can cut costs.
  • Move Money. Use your debit card to make purchases or use ACH electronic check and wire transfers to make business transactions.
  • Business Tax Solutions. Tax time doesn’t seem as stressful, thanks to expense tracking, deduction tagging, and itemization. With any relevant transactions in one place, it’s much easier to navigate the filing process.

The ZenBusiness Money app gives you a dashboard for monitoring the financial well-being of your LLC in real-time. Our helpful tracking tools help you accurately forecast business trends and do more of what’s working and less of what’s not.

We can help!

ZenBusiness Banking offers small business owners the tools they need to open an LLC bank account quickly with no stress. By using your debit card to make any transactions related to your business, all the tracking and bookkeeping is done for you. 

Best of all, it allows you to save your most valuable asset as a startup business owner — your time. And, it makes it easier to focus on the most important elements of your company — your customers.

Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.

ZenBusiness is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC. The ZenBusiness Visa Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted. FDIC insurance is available for funds on deposit through Thread Bank, Member FDIC.

*Your deposits qualify for up to a maximum of $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at and a list of program banks at Please contact with questions regarding the sweep program.

LLC Bank Account FAQs

  • Unless you want to go through and itemize your business and personal transactions, you need an LLC bank account. You’ll also be further protected because it provides additional proof on paper that you and your business are separate entities.

  • By doing this, you put your personal finances at risk. If someone takes you to court to try to prove you and your LLC are the same entity, using your personal bank account for the business doesn’t look good.

  • This is a difficult question to answer — especially if your LLC isn’t profitable yet. With ZenBusiness, there’s no startup deposit required. Fund the money after you get the ball rolling and have a little breathing room.

  • This depends on the specifics of your business. If you have a lot of overhead or employees to pay, it’s a good idea to open a standard checking account with combined savings attached. This allows you to stash money away in case there’s a slow period, and you need to cover the bills and payroll. If you plan on taking credit cards, consider a merchant account.

  • If your LLC is set up the default way, as a pass-through entity, and you’re the sole owner, there’s no need to borrow. You can take money from the LLC as a draw. If the LLC has other owners, you’ll need to get their approval and make a record of it. It’s possible to take a loan from the LLC using a legally enforceable promissory note to repay it; an accountant or business lawyer can assist you with this. Be aware that the IRS may treat your loan as a distribution, meaning you’d be taxed as such. For more information, see our article on paying yourself as an  LC member and how you can pay yourself as an owner-employee by applying for S corporation status.

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