The paperwork depends on how your business is set up. Here is what federal rules and New York filing offices actually say, and where the waiting usually happens.
Apply Now →A separate business account is where your sales land, where payroll and rent go out, and where anyone reviewing your business will look first. Funders that work from bank statements, including us, read deposits and balances in that account. A business that runs everything through a personal checking account makes its own cash flow harder to see, for itself and for anyone else.
The good news is that most of the delay in opening one is paperwork you control. Get the documents in order first and the visit to the bank (or the online application) is short.
| Business type | Filing that creates or names it | What a bank will typically ask to see |
|---|---|---|
| Sole proprietor using your own name | None required to exist | Your ID and tax number; the bank decides what else it wants |
| Sole proprietor using a trade name | Assumed name certificate filed with the county clerk | A certified copy of that certificate, plus your ID |
| General partnership | Business certificate filed with the county clerk | The certificate, ID for the people opening the account, and owner details |
| LLC | Articles of organization filed with the NY Department of State | Filing receipt or articles, EIN, beneficial-owner details |
| Corporation | Certificate of incorporation filed with the NY Department of State | Filing papers, EIN, beneficial-owner details |
Each bank sets its own document list on top of the federal minimums, so check with the specific bank before you go.
Under FinCEN's customer due diligence rule, a bank opening an account for a legal entity customer must collect the name, date of birth, address and Social Security number (or other government ID number) of every individual who owns 25% or more of the entity, plus one individual with significant responsibility to control or manage it. FinCEN defines legal entity customers to include corporations, LLCs, entities created by a filing with a Secretary of State or similar office, and general partnerships.
FinCEN also states that a legal entity customer does not include sole proprietorships, unincorporated associations or natural persons opening accounts on their own behalf. A sole proprietor still goes through the bank's normal identity checks, but not the beneficial-owner form.
The IRS says you never have to pay a fee for an Employer Identification Number, and warns about websites that charge for one. If the online application is approved, the IRS issues the EIN immediately. The online tool only runs during set hours and must be finished in one session; it times out after 15 minutes of inactivity.
The IRS lists hiring employees and operating a partnership or corporation among the reasons a business generally needs an EIN. Banks commonly ask for one on business accounts even when the IRS does not strictly require it, so it is worth getting before you apply.
New York Business Express says a sole proprietor using an assumed name must complete, notarize and file an assumed name certificate with the county clerk where the business is conducted. The filing fee it lists is $25 in every county except the five New York City counties, where it is $100. Certified copies are $4 each, or $10 in New York City, and the same page notes you may need certified copies for banks. Broome County's clerk, for example, describes its certified copy as required to open a bank account.
A New York LLC must publish notice of its formation weekly for six weeks in one daily and one weekly newspaper in its county, within 120 days of formation, and then file a certificate of publication with a $50 fee. Publication is not a precondition for most banks, but it is a deadline that runs at the same time as your early banking setup, so put it on the calendar.
If an LLC or corporation operates under a name other than its legal one, it files a certificate of assumed name with the Department of State. The Department lists standard processing at about seven business days, with same-day expedited handling for an extra $75. If your checks or card terminal will show the trade name, have that certificate in hand before you open the account.
We look at about three months of business bank statements rather than tax returns when you apply for $25,000 to $5,000,000. A clean account, with sales deposited consistently and expenses paid from it, is the clearest picture of the business you can give anyone. The application takes about five minutes, uses a soft credit pull, considers FICO 500 and above, and funding can arrive in as little as 24 hours. Sole proprietors can apply. When the account has a few months of history, you can apply here.
FinCEN's rule says a legal entity customer does not include sole proprietorships, so the beneficial-owner form does not apply. The bank will still verify your identity.
Broome County's clerk states that DBAs in New York have no expiration date and do not need renewal. If you stop using the name, a certificate of discontinuance is filed.
No. The IRS says you never have to pay a fee for an EIN, and an approved online application gets the number immediately.
The FDIC insures $250,000 per depositor, per insured bank, for each ownership category. Corporation, partnership and unincorporated association accounts are a separate category from single accounts.
About three months of business bank statements. No tax returns are required.
Three months of business bank statements and a 5-minute application. FICO 500+ considered. $25,000 to $5,000,000, funded in as little as 24 hours.
Apply Now →It takes about two minutes and it will not affect your credit score.
No obligation • No impact to your credit score
