Dallas-Fort Worth Real Estate Investor Club

Biz account

  • 27 Dec 2021 5:47 PM
    Message # 12218595

    Do I absolutely need a LLC to open a business banking account or can I open one with an umbrella policy? 

  • 31 Dec 2021 6:38 PM
    Reply # 12229039 on 12218595
    Dez, you can open a business banking account in your name, a trust, Sole Proprietor or any other entity. A trust or entity will probably require a copy of the trust or Documents of entity formation and operating agreement. Also, Assumed Name Certificate (DBA), if you use one, may be needed. Check with your preferred bank for their requirements. 
  • 17 Jan 2022 10:55 AM
    Reply # 12271226 on 12218595


    You can open a business bank account in your own name as a sole proprietor without forming a legal entity such as an LLC.   However, the bank may want you to have a federal tax ID number, often referred to an as Employer ID Number (EIN). 

    These can be obtained online for no charge at irs.gov.   For a sole proprietorship they will ask for your reason for applying, and you should check "banking purposes."  Hope this helps. 


    Last modified: 17 Jan 2022 10:55 AM | Don McCartney
Powered by Wild Apricot Membership Software