Opening Your Business Bank Account

You’ll need an EIN (Employer Identification Number, like a business Social Security Number) if IncFile didn’t already set you up with one.  You can get your own here if you’re going about this manually.  Yes, you’ll need this even if you don’t employees yet.

You MUST keep your personal and business money separate for full LLC protection! Once profitable enough, your business can pay you in a couple of ways.

I HIGHLY recommend USBank.  They have very minimal fees, great interest rates for a business loan, and top notch customer support.  And, they’re everywhere.

USbank includes a business Visa or Mastercard with a decent cash back program too.

It’s up to you to determine how much money to put into you’re account.  I’ve started some with $100 and others with tens of thousands.

Whatever you do, don’t use Wells Fargo. While they have super charismatic tellers, they charge a fee for online banking, a monthly fee, transaction fees, and every little thing you can and can’t think of.  Wells Fargo will bleed a small business to death.