To meet small business banking requirements in 2026, you need proof that your business legally exists, a tax ID, personal identification, and details of anyone who owns 25% or more of the company. In practice that means an EIN (or your SSN if you are a sole proprietor), your business formation documents, a government-issued photo ID, and your business name and address. The exact list depends on how your business is structured, and a few requirements, like an operating agreement for an LLC or a corporate resolution for a corporation, catch owners off guard.
Have clean digital and printed copies ready before you apply and the process is usually quick, often under 30 minutes online. Below is the full checklist, the requirements broken down by business type, and the rules most guides skip: beneficial ownership, non-resident applicants, and the difference between opening online and in a branch.
Small business banking requirements by business type
Requirements vary by entity because the bank has to verify a different legal structure for each. This table shows what each type needs.
| Requirement | Sole proprietor | LLC | Corporation | Partnership |
|---|---|---|---|---|
| Tax ID | SSN or EIN | EIN (required if multi-member) | EIN | EIN |
| Formation proof | DBA registration, if used | Articles of Organization | Articles of Incorporation | Partnership certificate |
| Governing document | Not required | Operating agreement | Corporate resolution, bylaws | Partnership agreement |
| Personal ID | Government photo ID | Government photo ID | Government photo ID | Photo ID for each partner |
| Beneficial owners | You | Owners of 25%+ | Owners of 25%+ | Owners of 25%+ |
Requirements vary slightly by provider. Multi-member LLCs and corporations cannot open an account on a personal SSN alone; an EIN is required.
The core documents explained
Five items do the work in almost every application. Here is what each one is and why the bank asks for it.
Employer Identification Number (EIN). Your business’s federal tax ID, free from the IRS. It is required for LLCs, corporations, and partnerships, and recommended even for sole proprietors who could otherwise use an SSN.
Business formation documents. The paperwork that proves your business exists, such as Articles of Organization for an LLC or Articles of Incorporation for a corporation, filed with your state.
Governing document. An LLC operating agreement or a corporate resolution shows who has authority to open and manage the account. Banks often require an LLC operating agreement even when your state does not.
Personal identification. A government-issued photo ID such as a driver’s license or passport. Some banks, including Chase, require two forms of ID, so check before you go.
Business address and details. A valid, verifiable business address, not a PO box, plus your business phone number and the names of everyone who will be an account owner.
Beneficial ownership requirements
Under federal customer due diligence rules, banks must identify the real people behind a business before opening an account. This trips up owners who arrive with only the entity paperwork.
You will be asked to certify two things: every individual who owns 25% or more of the business, and one person who exercises significant control, such as a CEO, managing member, or president. For each, you provide their name, address, date of birth, and identification number. If your business has several owners, some banks send each of them a short application to complete. Gathering this information in advance prevents a stalled application.
Requirements for non-residents and applicants without an SSN
You do not need to be a US citizen or resident, and you do not always need an SSN, but the requirements shift.
First, form a US business and get an EIN. A non-resident can obtain an EIN without an SSN by filing Form SS-4 directly with the IRS. Then apply through a provider that accepts foreign founders, using a foreign passport in place of an SSN. Expect to supply beneficial owner information and, often, a US phone number for verification, which you can set up through a VoIP service. Traditional banks usually require an in-person visit and a US address, so online platforms that support fully remote, no-SSN opening are the practical route for founders abroad.
Online vs in-branch requirements
Where you apply changes what you need to bring and how identity is verified.
In branch. You bring physical copies of your documents and verify identity in person. Many traditional banks still require this for LLCs and corporations, and some require an appointment.
Online. You upload digital copies and verify identity electronically, often in under 30 minutes. Requirements are the same on paper, but the process is faster and does not require travel, which is why it suits digital businesses and non-resident founders.
Minimum deposit and eligibility requirements
Beyond documents, two requirements determine whether you can open and keep the account.
Minimum opening deposit. Some banks require an initial deposit, often $25 to $100, and higher balances may be needed to waive monthly fees. Many online platforms require no minimum at all. An unfunded account can be closed, so plan to fund it promptly.
Eligibility basics. Applicants must generally be at least 18 years old, and some banks require account owners to be US residents. All applicants are subject to identity verification and a review of past banking history.
Common mistakes to avoid
Arriving without your operating agreement. Even if your state did not require one, many banks do. Draft it before you apply.
Trying to use an SSN for a multi-member LLC. Multi-member LLCs and corporations need an EIN; a personal SSN will not open the account.
Forgetting beneficial owner details. Banks must collect information on 25%+ owners and one control person. Missing this stalls the application.
Using a PO box as your business address. Providers require a verifiable physical address, and a PO box is usually rejected.
Leaving the account unfunded. An account with no opening deposit can be closed automatically. Fund it as soon as it opens.
How Lili Helps
Lili keeps small business banking requirements simple by handling the whole process online. There is no minimum opening deposit, the Core plan is $0 per month, and accounts open in minutes once your documents are ready, so you are not booking a branch appointment or funding a balance just to get started.
Lili also meets the requirements that block other providers. It opens accounts for non-US founders using a foreign passport and an EIN, with no SSN required and no travel, and it collects beneficial owner and business details through a guided digital flow. Once open, every plan includes a high-yield savings account earning up to 4.00% APY and FDIC coverage up to $3 million through a sweep network, plus built-in invoicing, expense, and tax tools. Banking services are provided by Sunrise Banks, N.A., Member FDIC. If you have your EIN and formation documents ready, you can meet the requirements and open an account the same day.
FAQ
What are the requirements to open a small business bank account?
Proof your business exists (formation documents), a tax ID (EIN, or SSN for sole proprietors), a government-issued photo ID, your business address, and details of anyone who owns 25% or more of the business.
Do I need an EIN to open a business bank account?
Usually yes. LLCs, corporations, and partnerships require an EIN, and multi-member LLCs cannot use a personal SSN. Sole proprietors can sometimes use an SSN, but an EIN is recommended.
Can I open a business bank account without an SSN?
Yes, with select providers. Non-residents can open a US business account using a foreign passport and an EIN, with no SSN required, by applying through a platform that accepts foreign founders.
What documents does an LLC need to open a bank account?
An EIN, Articles of Organization, an operating agreement, a government-issued photo ID, and beneficial owner details. Banks often require the operating agreement even if your state does not.
Is a minimum deposit required to open a business account?
Sometimes. Traditional banks may require $25 to $100, and higher balances can waive monthly fees. Many online platforms, including Lili’s Core plan, require no minimum opening deposit.
What is a beneficial owner and why does the bank ask?
A beneficial owner is anyone who owns 25% or more of the business, plus one person with significant control. Federal customer due diligence rules require banks to identify them before opening an account.
Can I open a business bank account online?
Yes. Many providers let you upload documents and verify identity electronically, often in under 30 minutes. Some traditional banks still require an in-person visit for LLCs and corporations.
