How to Set Up a Bank Account for a Joint Venture

by Christopher Carter; Updated September 26, 2017
Couple meeting with loan officer

A joint venture exists as a for-profit business owned and operated by two or more individuals or businesses. Partners in a joint venture must separate business funds from personal assets. Before establishing a bank account for a joint venture, the partners should check the rates and fees of at least three financial institutions, comparing monthly minimum requirements, debit- and credit-card policies and miscellaneous fees. Before establishing a business bank account for a joint venture, compare amenities such as online banking and bill-payment solutions.

Items you will need

  • Fictitious business name certificate
  • Joint-venture agreement
Step 1

Visit the joint venture’s bank of choice. Speak with a platform officer or banking specialist about the joint venture's needs to determine the business checking account that best suits those needs.

Step 2

Present the joint venture’s employer identification number, or EIN, to the banking specialist to establish the account. The bank uses the EIN to identify the company for banking purposes; the number will appear on statements and correspondence from the bank.

Step 3

Furnish a copy of the company’s joint-venture agreement, which indicates the rules and regulations used to operate the business, to the bank. In addition, if the venture has a fictitious business name, it must be registered; present that certificate to the bank as well.

Step 4

Verify the identity of each partner who has the authority to use the joint venture’s bank account. Present a driver license or state-issued identification card as proof of identity. A partner may be able to present a military ID or a passport to verify his identity. Some financial institutions may require presentation of a current utility bill, a credit card or a Social Security card as a secondary form of identification.

About the Author

Christopher Carter loves writing business, health and sports articles. He enjoys finding ways to communicate important information in a meaningful way to others. Carter earned his Bachelor of Science in accounting from Eastern Illinois University.

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