How to Open an LLC Bank Account

by Fraser Sherman; Updated September 26, 2017

Your limited liability company needs a bank account of its own. An LLC, even a one-person LLC, is legally separate from its owners, which shields you from personal responsibility for LLC debts. Using your bank account for company funds can void that protection. If your company has more than one owner, you need to decide who can use the bank account before you open it.

Prepare the Paperwork

To set up an LLC account, you need a copy of the articles of organization that you file with the state. Some states use a different name for them, such as certificate of formation. You also need the company's taxpayer identification number. If the articles don't identify who can legally sign for the company, you'll need to bring an agreement that spells that out.

Open the Way

If more than one of the owners has signing authority, you'll all have to show up at the bank. Most banks offer a variety of account options -- different fees, different benefits -- so you'll have to decide which works best for you, just as you do with your personal account. Once you know what you want, the owners with signing authority just fill out the bank's paperwork.

About the Author

A graduate of Oberlin College, Fraser Sherman began writing in 1981. Since then he's researched and written newspaper and magazine stories on city government, court cases, business, real estate and finance, the uses of new technologies and film history. Sherman has worked for more than a decade as a newspaper reporter, and his magazine articles have been published in "Newsweek," "Air & Space," "Backpacker" and "Boys' Life." Sherman is also the author of three film reference books, with a fourth currently under way.