What do I have to do to setup a business bank account?

Question

Right now I have a business license in my name. I want to open a bank account in the name of a business. What do I need? A DBA? A TAX ID? What else? How long does it take for the whole process to go through? How would this effect my taxes at the end of the year? Right now its all so simple because its in my name and I just deposit checks right into my personal bank account.

Answer 1

You only need to bring in your DBA or business registration forms showing your business name to the bank. No need for tax ID

How long will it take? Just the amount of time needed to open a new account. It's a simple process.

How will it affect your taxes? You can deduct your business expenses -- from office supplies, equipment, etc --- from your income. File a Schedule C if sole proprietorship

Answer 2

You should get a ficticious name registration in your state for the business name. Once you have this you should then go down and open the account for that business in that name. That should be it.

Answer 3

All you need is DBA paperwork.  You use your social security number.  If you incorporate you will get a federal TAX ID.  

I started my business on a dba and did all my accounting.  It would be a good time to have quickbooks.  Go to an accountant or a bookkeeper to set up your quickbooks.  You will have to declare all your companies income and pay taxes if you take that income personally.  You bookkeeper will explain everything.

Answer 4

Depends on your state laws and the bank. A banker at the branch you're interested in working with can tell you exactly what you'll need.