Business Banking Account

[Ryan Sajdera]

Hey BP,

Does anyone have any suggestions for setting up a banking account for an LLC? I'm not looking for bank names necessarily, but more of suggestions for things you wish you would have known or done when you started your LLC. I'm also looking to get a credit card under the name of the LLC. Are there any helpful perks to using small banks versus large? Local vs national? Perks to using the bank that finances the property? Any tips or advice is appreciated. I am full time military so I will not be in the same location more than 2 or 3 years at a time. Thank you!

[Brandon Sturgill]

@Ryan Sajdera Use your military connection or a local credit union. Pretty standard stuff will be to get your EIN...it's free from the IRS...you can grab one online in 10-minutes (if the website is up)...

Your bank will likely ask for an operating agreement as well. This does not have to be drafted by an attorney, but it's not a bad idea....a template one-pager should suffice until you scale your business. The only other thing to have handy are your LLC articles.

We use a platform that permits multiple LLC's and multiple share accounts to be viewed on the same screen...we can keep everything organized across multiple LLC's and multiple checking accounts attached to projects or properties.

The other thing I would encourage would be the ability to originate ACH's...very convenient. Usually worth a small monthly charge. 

The business credit card will likely require you to show your business operations over time...collecting revenue and being profitable. The alternative is to start with a personal card or line until you get your business track record established...for a year or so.

Best of luck

And thanks for your service.