While it is not required to have a written Operating Agreement in all states, it is strongly recommended that you do have one as some banks require this. The agreement will benefit you if you have multiple members in the LLC or a manager managing your LLC. You can open a business bank account once you’ve gotten your federal EIN.
The operating agreement lets the bank know who has permission to access funds in the account. If there are several members in your LLC, they will generally all need to be present when you open the account.
Federal banking regulations require a real physical address to open and maintain a U.S. business bank account.
To open an LLC bank account you need:
- Business tax ID
- Date business was formed
- Documents showing LLC registration
Why does my bank need an operating agreement?
An operating agreement outlines rules and procedures for an LLC’s financial and functional decisions. Some banks require one to open a business account.
When do you need an operating agreement for an LLC?
You need one to override default state rules for operating an LLC. An operating agreement prevents disputes between owners by outlining regulations for running the business.
Even one-person LLCs should have agreements to limit liability. They give members protection from personal liability.
Key items to include are company information, initial contributions, and management structure.
What documents do you need to open a bank account?
- A valid, government-issued photo ID, such as a driver’s license or a passport
- Proof of address, like a utility bill
- Social Security number or individual taxpayer identification number
- Possibly an initial deposit, usually $25-$100
Minors can open accounts with parent/guardian co-signers. You can use a debit card, check, money order or electronic transfer for the initial deposit. Banks accept passport numbers or alien IDs if no SSN.
Order vital records online if you lack documentation. Do research to find the right bank and account type for your needs. Apply online or in-person. Provide required documentation to confirm identity.
It may take 1-2 days to process an application and issue an account number. Wait 7-10 days to receive a debit card and information in the mail. Opening an account in-person takes longer, often 30 minutes up to an hour.