What exactly do I need to open a business checking account?

Question

Here is my situation, i'm taking over the night room of a business. They are having me get paid the total income and then paying the employees from that. I might have the option of using their business name and tax info..... but would prefer to get my own. What steps would I need to do to not only make a business under my name and get the tax number needed to file but open the account for payroll. I am in the state of Florida.

Answer 1

Why would you ask that here instead of calling the bank or sending them an email to ask? The bank will be able to give you EXACTLY what you need to know. The people here can only guess as each bank may have different requirements. The amount of effort you spend asking the question here is the same amount of effort it would have taken to contact your local bank. I am not trying to be a jerk. It just does not make sense to me when people come here and ask questions like this. Why not go to the source and ask your questions instead of asking others to tell you about what you need from someone else when you will eventually need to talk to the source anyway?



Edit to add: I did read the entire question and my answer stands. The bank will know a lot better than random strangers and the internet.

Answer 2

It takes less than 10 minutes. You need $500 cash to open the account ( at the major banks like Wells and Chase). They only require a copy of your trade name from the Secretary of State's Office. That paper only costs $10 and does not need any professional help to obtain. Just walk up to the counter.

Answer 3

You'll need the articles of incorporation or similar documents, minutes showing your appointment as an officer, and the business Taxpayer ID Number. Most people hire an attorney or accountant to help with this.

Answer 4

You need to incorporate in Florida, either go on-line and do it if you know what type of incorp. you need to make, or get a accountant to do it for about $100-200. You will need the corp. documents when you incorp. you get those on the spot, just print them, and your EIN# (Tax ID #) and you canopen an account at any bank.

Best of Luck