- Centurion Member
- Posts: 508
- Joined: Tue Aug 13, 2013 10:04 pm
- Location: ca
no, it wouldn't even work for sole prop..not suppose to anyways, the way business accounts are set up is very different from personal and the way they're monitored, regulated, wahtever you want to call it--is different from personal account for obvious reasons.
sole props can have its own EIN or work off of the husband/wife or person's social. you can have a DBA with it.
LLC needs a EIN, and the articles of corp. or website validation (registered with the state), categorized either through members managed or manager managed.
you would also need a DBA if you want to accept payments in another name besides the one you're opening it with.
and so forth
I think if you're looking for a bank to open a business account, make very sure who you choose whether its a non-b&m (ING before capital one had business savings, not sure about checking but pretty sure they wouldn't offer just one w/o the other), community bank, credit union, or the big banks.
because from big to small they have people who could be not 100% sure of what they're doing, and in turn, in the future, give headaches.
also think carefully about your choices. yes, bank of america now charges if you don't meet certain criteria, but would it be more convenient for you? Do you do things more online then in person? Write a lot of checks? Accept a lot of cash? How is the traffic if you or your employee has to deposit cash and is it near (therefore safer to drop off)? What about going online, is it easy to navigate or a headache?
Things to consider when taking on a smaller bank with less footprint then a large one. I know business owners whose line is structured so they don't really need to visit the branch, and their business needs are not that complex, but good luck if they ever have lending needs that can't be helped by small banks (even though they do advertise lower rates, just wait until you get approved, have seen first hand--esp for those with bk or spotty credit--smaller banks will not be more likely to lend then big banks)
What types of banks are convenient for you? Near by that is..