This blog is for educational purposes only, not an offer of credit or advertisement for current loan terms. It does not provide legal advice. Refer to our loan web pages or consult professional advisors for specific information.
If you’re a business owner, you probably know that a business checking account is essential for success.
A business checking account lets you keep track of your funds, accept credit card payments, and establish your business credentials.
You’ll also need a business account if you want to get a business loan or apply for a MIDFLORIDA Credit Union business credit card.
How do you open a business checking account in Florida, though? Does Florida have requirements to open a business checking account that other states don’t?
In this article, we’ll review everything you need to open a business checking account in Florida.
Start your application with MIDFLORIDA Credit Union.
How to open a business checking account
Opening a business checking account like the MIDFLORIDA Business Checking Account is similar to opening any other checking account.
Personal information
In order to open a business checking account, you’ll first have to prove you are you.
To do this, you’ll first need to supply some sort of U.S. government issued photo identification, such as:
- U.S. state issued Driver’s License
- Passport (secondary ID only)
- U.S. state issued ID
- U.S. Military ID
- U.S. issued Resident Alien Card
You’ll also need to provide some additional information, including:
- Social Security Number
- Phone number
- Email address
- Date of birth
- Physical address
Verifying multiple signers
One of the benefits of a business checking account is that multiple business associates can use it. If you want your account to have more than one signer, you’ll have to provide additional verification for each signer.
Usually, this means that each account signer, including the owner, will need to provide the following documentation:
- U.S. Government-issued photo ID (driver’s license, state issued identification card, military id, or Resident Alien Card)
- Social Security Number
- Physical address
- Date of birth
- Email address
Business address
You’ll also need to prove your business has a legitimate address.
The best way to do this is with a piece of official mail, such as:
- Utility bill
- Credit card statement
- Lease agreement
- Mortgage statement
If your business is paperless, you can also use a billing statement from your online account.
Documentation
In addition to your personal information, you’ll also need business documentation.
What documentation you need will vary from company to company. However, there are a few items almost every business will need.
For instance, most businesses need to have a valid employer identification number. This is similar to a social security number for businesses. To get one, you’ll have to submit an application to the IRS.
Corporations and LLC’s
Corporations and LLC’s need the following documentation:
- Valid Employer Identification Number
- Copy of the articles of incorporation or articles of organization
- Current filing with the Florida Department of State and status must be active.
- Operating Agreement (not required for single member LLC’s) or By-Laws
- Copy of Florida Fictitious Name Certificate, if applicable
- Meeting minutes indicating Authorized Signers (non-profit only)
- Beneficial Ownership Form
General, Limited or Limited Liability Partnerships
These business will need:
- Valid Employer Identification Number
- Partnership Agreement
- Active Certification of Partnership from the Florida Secretary of State, if applicable
- Current filing with the Florida Department of State with an active status, if applicable
- Copy of Florida Fictitious Name Certificate, if applicable
- Beneficial Ownership Form
Sole proprietorship
Sole proprietorships don’t require as much documentation as other businesses. Here’s what you need:
- Sole proprietor’s social security number or Employer Identification Number
- Copy of Florida Fictitious Name Certification, if applicable
- Business Tax Receipt if licensed using owner’s full name
Unincorporated association, organization and non-profit
These types of businesses are a special case.
In addition to the Employer Identification Number or letter from parent organization authorizing use of their Employer Identification Number, you’ll also need special documentation depending on your business.
If your business is a small group or league, you’ll have to provide documentation that proves its existence, such as:
- Recent meeting minutes and location indicating authorized signers
- Your organization’s roster
- The nature of your business
However, if your business is a charter group, you’ll have to provide documentation of your business to the larger national charter. This includes groups like:
- Boy scouts
- School groups
- Church groups
Initial deposit
Finally, you’ll need to make the initial deposit to open your business checking account.
How much you need to deposit depends on the credit union or bank. To open a MIDFLORIDA Credit Union Free Business Checking Account, for instance, you need to deposit at least $100.
However, the amount will usually vary between different credit unions and banks.
Open a business checking account at MIDFLORIDA
Opening a business checking account is similar to opening other types of bank accounts.,
In addition to providing your personal information and your address, you’ll also need to provide information about your business. What that information is depends on your type of business.
If you’d like to take advantage of a business checking account for your company, visit the nearest MIDFLORIDA branch and talk with a teller today.
No matter whether you get a personal or business account at MIDFLORIDA Credit Union, you can rest assured you’ll get the same service you’d get from the big banks. But you’ll get the personal touch that very few big banks currently offer.
