Most any bank you choose to work with can open a bank account for your Florida LLC. A bank account is important to avoid comingling funds and to ensure you maintain your LLC benefits. Generally, larger banks have proven easier to work with in this matter, as they are more experienced and adept with several account types. But you may also find it easier to open an account for your LLC at a local branch, as banks have become stricter about ID verification practices and it is much easier to accomplish this in person.
If you do not live in the State of Florida but wish to open an LLC or corporate bank account there, the process gets a little more complicated, especially if you are unable to visit the state to do it in person. However, if this is what you are looking to do, we can assist you and ensure that your account is set up in an accurate and timely manner.
Bank Account Requirements
Requirements may differ slightly from bank to bank. However, there are certain common documents that you will most likely be asked to present in order to open an account.
Your LLC Articles of Organization:
This is the document that legally establishes the existence of your LLC with the state. If you have not yet filed this document, we can complete it for you as part of our standard LLC or corporation service. If this is an account for a corporation, then you will need to provide its Articles of Incorporation.
Your Employer Identification Number:
This is also known as your Federal Tax Identification Number and without it, you will not be able to open an account for your company. It is the unique nine-digit number assigned to your entity by the IRS. If you have not applied for your LLC’s Employer Identification Number, we can assist you with the IRS. However, it is also free to do so online at irs.gov. There is no fee associated with applying.
Your LLC Operating Agreement:
This is a legal document that outlines your company’s ownership and member duties, as well as the LLC’s overall management structure. If your LLC is without an operating agreement, we can provide you with it as part of our LLC or corporation service. If this is an account for a corporation, then you will need to provide its Corporate Bylaws.
Proof of Identification:
The common standard for proof of ID is presenting two acceptable forms, at least one of these forms should have a photo. Acceptable forms of ID are a state ID, social security card, passport, or birth certificate.
Important Considerations for Your LLC Bank Account
Once you have filed Articles of Organization (or Incorporation) and obtained your EIN, opening a bank account is smart practice, as it separates personal and business affairs and offers you limited liability protection. Additionally, in the case of an LLC it is a legal requirement that you maintain a separate bank account, or you forsake many benefits of an LLC.
If you are an international client seeking to open an account in the US, the easiest method is by traveling to do so in person. If you have success in opening at least one account, it will likely make additional accounts easier. If traveling is not an option for you, we have additional methods available to try that other clients have had success with.
While it may seem like a hassle initially, there are some benefits to this practice. When it comes time to file your taxes, any business expenses will be separate from personal expenses. It will be much easier to calculate appropriate amounts of what you owe.
Also, your LLC account can be created in its own name, not with your personal information, providing you with privacy. And finally, the separate account will lend your company credibility and professionalism as you build new relationships with suppliers and other partners. The same rules apply for a Single Member LLC.