HOW TO OPEN BANK ACCOUNT FOR A COMPANY.
Do you need a bank account in the
state the corporation or LLC was filed?
You may bank anywhere, in any
state. Although having a brick-and-mortar bank is
convenient, it isn't necessary. There are internet banks
such as etrade.com, bankofamerica.com, firstib.com and others
where you may apply online.
What about privacy services for
my corporation or LLC?
If you're building corporate
credit, the banks and other lenders seek to know who is behind
the company. After all, if you were lending the money,
wouldn't you want to know who is behind the company? They
want to see your name on the public record.
Lenders seek transparency. Obtaining a nominee officer/contract
officer service will not help you obtain corporate credit.
In fact, it will backfire and prevent the obtaining of
financing. You may not obtain privacy and successfully apply for
corporate credit, unless you have access to private funding
sources. The bank will not like you if you're using a
nominee service. If you don't want to be the signer on the
bank account, hire a local bookkeeper to do the job as the
Treasurer or Assistant Treasurer for the company.
What about filing in my home
If you're applying for
corporate credit, the banks require that the company be filed in
your home state where you're located, and they seek to see your
name on the company. If building corporate credit is not
necessary, then you may bank in any state.
What are the best banks to open
A bank usually requests that
you open an account where the loan is issued. In other
words, banks request that you open an account where you obtained
the loan. You'll probably end up with the first account
opened in the first bank, and then a secondary account where
financing was obtained.
Below are the steps to opening
the bank account: