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Can I setup the bank account for my sole proprietorship just like I would a personal account?

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steven asked:


A company that I’m planning to contract with as a consultant wants me to setup a separate bank account for business. Can I setup the bank account for my sole proprietorship just like I would a personal account? Do I need to use different account forms or use a different account type?

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6 Responses to “Can I setup the bank account for my sole proprietorship just like I would a personal account?”

  1. Sharp Marble says:

    You will have to check with your bank. You can get a businss bank account. As long as your business name is your name you will be fine. Your tax ID will be your SSN if you do it this way.

  2. rose bud says:

    go to the bank and ask them your question, they will help you more so.

  3. Serviceman82 says:

    you just need a copy of your DBA and a Valid I.D. and per the patriot act you would need proof of your S.S. #. i work in a bank

  4. Sam B says:

    Yes. If you are using a separate name though you will need a DBA certificate showing that it is registered with the county. Should only cost a few dollars to obtain at the courthouse. While you are there you probably need to file for your licenses, etc. Most jurisdictions have one stop programs where you can get all of the tax forms and licenses in one place.

  5. nathanamthor says:

    It varies from state to state. However as a sole proprietor you typically have alot of leeway. You can generally just set up a second checking account under your own name and that will be enough. However, if you want to set one up under a business name you will need to get a business license. Then just find a bank that doesn’t have high fees for small business accounts. Some banks even offer free small business checking with no minimums.

  6. NC says:

    Ask your bank. They will tell you what their documentation requirements are.

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