Wednesday, June 17, 2020

Starting a Business | Part 3: EIN and Bank Account


Starting a business: Federal EIN Number and Business Bank Account


A little progress each day adds to BIG results!


With your name picked out and a legal structure determined, it's time to register for your Employer Identification Number (EIN) and research commercial bank accounts!

  • Federal Employer Identification Number (FEIN)
  • Commercial Bank Account

The next step is obtaining your federal employer identification number from the IRS. An FEIN number is necessary to open a commercial bank account and tax filings for your business.  Visit irs.gov to get started.

The next step is opening the company bank account in a bank of your choosing. From the very start, your business should be on the lookout for a supportive and reliable bank. Whether your needs are simple (a separate business checking account) or complex (a line of credit), finding the bank that fits your business's needs is crucial. There are many different kinds of bank accounts such as checking accounts, savings accounts, money market accounts, brokerage accounts and certificates of deposit. So choosing the right bank account can also help you speed up your transactions and cut down on various bank fees.  

Stay tuned for the next series :)

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