When you start a business, you may want to keep your business finances separate from your personal finances. One way to accomplish this is by opening a bank account in your company’s name. However, many banking institutions require that businesses have correct authorization to open company bank accounts.
You’ll need an employer identification number (EIN) to start banking in your business’s name. Here’s how to get an EIN for banking purposes only.
Apply for an EIN Through GovDocFiling
The quickest and easiest way to obtain a tax ID for banking purposes is using our online application. It only takes a few minutes to fill out the form and we’ll send you your EIN to your email in an hour. Apply for an EIN online today to open a business bank account. If you’ve ever wondered, “Can I use an EIN number for banking purposes only?” then you should know that if you obtain an EIN to open a bank account, you should use it for all other business matters as well.
Document Your EIN and Go to the Bank
Next, you’ll want to print out the confirmation email you receive or write down your EIN. Then, you’ll want to take your EIN and business registration documentation to the bank. You may also be required to show photo identification to prove to the bank that you are the responsible party for your business. You’ll be given instructions for submitting a deposit to activate your business bank account.
Apply for Credit With EIN Only
If you want to apply for a credit card, line of credit, or a loan, you will probably need an EIN as well. Follow the above steps, except contact the creditor instead of the bank–unless they are one and the same.
GovDocFiling is here to help you with anything related to your business. Whether you’re wondering how to use your EIN for banking or how to create an LLC, just email firstname.lastname@example.org.