Just filed the articles for my LLC last week (single-member, consulting). Now I need a business checking account and I'm overwhelmed by the options. Do I need an EIN first? Can I just use my personal account? Any recommendations for banks that don't charge a million fees? I'm in the US if that matters.
Banking
My new LLC needs a bank account but I don't know where to start
Yes, get an EIN first. It's free on the IRS site, takes like 10 minutes. Don't use your personal account for business stuff — it's a huge pain at tax time and can mess with your liability protection.
I went with a local credit union for my LLC. Lower fees than the big banks and they actually answer the phone. Might be worth checking what's near you.
Second the EIN. After that it's mostly about whether whether you want a physical branch or online-only. Online banks like Novo or Mercury are popular for small LLCs but some people hate not having a branch.
Thanks, EIN seems like the obvious first step. I didn't realize it was free. For online banks, is there any catch? Like do they all require a minimum balance?
Most online ones have no minimum, but read the fine print on cash deposits. Some don't accept cash at all, which is fine for consulting but a dealbreaker for retail.
Oh great, another 'which bank' thread. Just pick one and switch later if it sucks. It's not a marriage.
Also make sure you have your formation documents handy when you apply — some banks want the the articles and your operating agreement. I got stuck because I hadn't written an operating agreement yet.
Honestly the hardest part for me was just deciding. I overthough it for weeks. In hindsight I should've just opened something and moved on.