How to Set Up a Corporate Bank Account
A corporation is a business that has a separate legal existence from the owners of the company. As such, owners of a corporation are required to separate the company's money from their personal funds. Corporations that fail to maintain a separate business bank account may be audited by the Internal Revenue Service. Setting up a corporate bank account enables a corporation to maintain better records of all the company's financial transactions.
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Instructions
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Obtain a federal tax ID number from the Internal Revenue Service. Call the IRS Business and Specialty Tax Line at 800-829-4933, or visit the IRS website to get a federal tax ID number online. Provide information such as the legal name and address of the corporation, as well as a description of the nature of the corporation's business activities. Indicate the number of employees who work for the corporation. Supply the name, address and Social Security number of a person authorized to represent the corporation. The IRS will issue a corporation's federal tax ID number immediately after the online or telephone session.
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Research various business bank accounts. Observe the different fees, monthly minimums and transaction fees that banks impose on corporations. Learn about the ATM and check writing fees charged by each financial institution, as some business bank accounts may charge additional fees based on the number of checks written or ATM visits. Determine which bank provides the services that are best suited to the needs of the corporation.
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Visit the bank branch in person or apply for a business bank account online, if online banking is available. Complete an application by providing information such as the name and address of the corporation, as well as the company's federal tax ID number. Provide a description of the corporation's business activities and indicate that the business is set up as a corporation
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Present the corporation's articles of incorporation and a copy of the corporation's bylaws. Supply the bank with a corporate resolution indicating the individuals authorized to make transactions using the company's bank account.
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Supply a photo identification for every person listed in the corporation's resolution. Acceptable forms of identification include a state issued identification card, passport or drivers license. The photo identification requirement is put in place to allow the bank to verify the identity of every authorized user of the corporate account.
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