What Is Needed to Open a Business Checking Account Online

How to Open a Business Checking Account: A Complete Guide

Opening a business checking account is one of the first, most crucial steps to setting up your business for long-term success. It’s not just about having somewhere for your business’s cash to sit; a business checking account can offer helpful financial tools from cash flow management to corporate credit cards, merchant services, and more.

The process of opening a business checking account doesn’t have to be complicated. In this guide, we’ll break down what a business checking account really is, why it matters, and how to open one without getting lost in complicated paperwork.

What is a Business Checking Account and Why Do You Need One?

A business checking account, like a personal checking account, is used to house and easily access your company's cash for day-to-day use. While a savings account is designed to earn interest on idle capital, checking accounts are primarily for everyday transactions and can include tools to help you manage spending, automate payments, organize finances, and more.

Whether your business is brand-new or well-established, a business checking account is essential for managing finances confidently.

Importance for Entrepreneurs and Small Businesses

If you’re a sole proprietor or running a lean team of just a few people, a business checking account can offer a lot of help in getting your company moving.

For sole proprietorships, a business checking account will separate your business finances from the personal. The effect of which can ease any overlap, improving the clarity of books and tax prep, helping you minimize risk of inaccurate expense reporting or liability complications.

Business checking accounts can additionally help small business owners grow their business with tools like expense tracking, automated payments (e.g., payroll), ACH and wire transfers, merchant services, and more. Additional services are dependent on the platform you choose, and can include credit cards and debit cards, cash and mobile deposits, loans, and online banking services.

For small business owners and sole proprietors, business checking accounts translate into smoother operations: you don't have to worry about mixing payments with your personal account, you can often process larger invoices with higher transfer limits, and demonstrate professionalism when dealing with clients.

What You Need to Open a Business Checking Account Online

Depending on your type of business and what business checking account you are applying for, you'll need to consider different requirements when opening a business checking account. Generally, you will be expected to provide the following:

Identification & Personal Info

• Social Security Number (SSN) or another government-issued ID such as a passport or Driver’s License.
• Personal Contact Details (name, phone, email) of the business owner(s).

Business Entity Information

• Business Name (legal name as registered with the state).
• Business Address (physical or mailing address).
• Type of Business (sole proprietorship, partnership, LLC, corporation, etc.).
• Registration Certificate (dependent on state, showing your business is officially registered with the state).

Federal & Tax Documentation

• Employer Identification Number (EIN) from the IRS (for tax reporting purposes).
  • Some banks allow SSN for sole proprietors without employees; requirements vary.

Business Formation & Governing Documents

• Articles of Incorporation (for corporations).
• Corporate Bylaws (if incorporated, to outline governance).
• LLC Operating Agreement (for LLCs, to detail ownership and responsibilities).
• Partnership Agreement (for partnerships, showing who has authority to act on behalf of the business).
• General Business Documentation (any additional supporting paperwork showing business ownership and structure).

Licenses & Certificates

• Business License (required for most businesses to operate legally if applicable in your jurisdiction).

Understanding Terms and Conditions

Every business checking account comes with its own terms and conditions, and understanding them up front can save you from surprise fees and unnecessary headaches later. When reviewing an account, pay attention to:

• FDIC insurance (ensures your deposits are protected up to $250,000 legal limit per depositor).
• Merchant services (whether the account integrates with tools for accepting customer payments).
• ATM fees (what you’ll pay (or save) when withdrawing cash).
• Charge or Debit cards (how many cards you can issue, and what limits apply).
• Credit options (whether the account connects to a business credit card or charge card).

Key Benefits of a Business Checking Account

There are many benefits to opening a business checking account, and, based on the provider you go with, you may have access to extensive financial management tools, access to clients and vendor payments, and additional financial services not immediately available by opening an account alone.

• Financial Management and Organization. A business checking account itself can help keep business finances organized and bookkeeping simplified. Tools on platforms such as Slash can provide you with accounting features, detailed vendor payments, and more, all within reach of one (or more) business checking accounts¹.
• Credibility with Clients and Vendors. Having a dedicated business account makes it not only easier for your business, but also for those you do business with. For professional reasons, having a business checking account can help you maintain credibility and professionalism with your partners. It can also improve your transactional cash flow, with ACH and wire transfers sometimes available through your account.
• Additional Financial Services Having a business checking account can consolidate your finances and can provide you with further services related to detailed transaction history, payroll, accounting, and more.

Choosing the Right Business Bank for Your Needs

When choosing the right business banking platform with which to open a checking account, it’s important to factor in key features of the offered service, like accessibility and technology, fee structures, balance requirements, and whether or not the platform supports your business-specific needs.

How to Open a Business Checking Account Online with Slash: Step-by-Step Guide

Slash is an online banking platform built to support modern businesses' financial needs. Here's a step-by-step look at how you can open a business account with Slash today:

Step 1: Choose Slash as your business banking platform

Slash isn't a legacy bank. Instead, Slash offers vertical solutions tailored to industry-specific needs. Key features include RTP, ACH, and wire transfer support, API and accounting integrations, access to multi‑million‑dollar FDIC insurance², and corporate cards with competitive 2% cashback for eligible user spending³. Users can access these tools and more through one dashboard with access to a business cash account⁴, credit account, savings accounts, and Treasury account⁵, with additional multi-entity support.

Step 2: Gather your documentation

Impressed by Slash and interested in opening an account? Slash offers a streamlined application and approval process. Some things you'll need:

1. Personal Identification

• Social Security Number (SSN) or other valid form of government-issued ID (e.g., passport or driver's license)

2. Business Identity & Structure

• Business Name (your legal company name as registered)
• Business Address (physical or mailing address)
• Type of Business (such as sole proprietorship, LLC, or corporation)

3. Legal Formation & Ownership Documentation

Depending on your business structure, you may need one or more of the following:

• Articles of Incorporation (for corporations)
• Corporate Bylaws (governance framework for corporations)
• LLC Operating Agreement (management structure for LLCs)
• Partnership Agreement (for partnerships, outlining roles and ownership)
• Registration Certificate (or proof your business is officially registered with the state)

4. Tax Identification

• Employer Identification Number (EIN) (required for most business accounts)
  • In some cases (e.g., sole proprietorship with no employees), your SSN may suffice.

5. Licensing & Permits

• Business License (any local/state permit you hold to legally operate)

Step 3: Submit your application online

Slash is an online banking platform with an online application process. Simply navigate to slash.com/register and follow the steps on your screen!

Frequently Asked Questions

Can you open a business bank account in your name?

In some cases, yes. To do so, you’ll typically need to provide government-issued identification (like a Social Security Number (SSN) or passport). For U.S.-based businesses, most banks will require either an SSN or an Employer Identification Number (EIN), depending on your business structure. Some financial platforms, including Slash, allow you to open an account using an EIN rather than SSN, which can be especially useful for international founders..

What’s the difference between a business checking account and a business savings account?

A business savings account is typically used to store excess cash that will accrue interest for your business. A business checking account lets you handle daily business operations with tools to manage cash flow, payroll, business spending, and more.

Do I need a business account for each LLC?

Separate accounts for each LLC is best practice, though not required. If you have multiple LLCs and bank accounts, platforms such as Slash offer multi-entity support that will help you manage each entity in one dashboard.

¹ Slash Financial, Inc. is a financial technology company and is not a bank. Banking services and deposit accounts provided by Piermont Bank, Member FDIC and Column National Association, Member FDIC.

² Deposit placement through Column’s Deposit Sweep Program is subject to the terms, conditions, and disclosures in the Sweep Agreement. Although deposits may be placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one network bank, your balances at Column may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals). You must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on your deposits. You may exclude banks from eligibility to receive your funds consistent with the Sweep Agreement.

³ The Slash Platinum Card is a Visa® charge card issued by Column N.A., pursuant to a license from Visa U.S.A. Approval is subject to eligibility. Payment of account balance is due in full daily. Monthly membership fees may apply. Card purchases may be eligible for cashback, see https://www.joinslash.com/legal/cashback-terms for more information.

⁴ The Cash account is not a bank account and is representative of the combined funds held in the Slash Platinum Transactional and Collateral Accounts offered by Column N.A., Member FDIC.

⁵ Slash has engaged Atomic Invest LLC ("Atomic"), an SEC-registered investment adviser, to offer investment advisory accounts (“Treasury accounts”). Companies which are engaged by Atomic receive compensation of 0%–0.85% of assets under management annualized, payable monthly, and may receive a portion of margin or cash interest, creating a conflict of interest. Brokerage services are provided by Atomic Brokerage LLC, a member of FINRA/SIPC and Atomic affiliate, which also creates a conflict of interest. See Atomic Invest’s FormCRS,FormADVPart2A, and Privacy Policy. For more details about Atomic Brokerage, please seethe Form CRSand General Disclosures. Check the background of Atomic Brokerage on FINRA’s BrokerCheck. Neither Atomic nor its affiliates are a bank. Investments: Not FDIC insured, Not bank guaranteed, May lose value. Investing involves risk, including possible loss of principal. Advisory services do not provide tax or financial planning advice or account for outside assets. See the Slash Treasury page for a breakdown of investment options, market yields, and associated pricing for the Treasury account slash.com/products/treasury.