What type of bank account does my corporation require?
Well, most personal banks have personal and business services. It does definitely depend on your bank. Some banks don't really do a lot of business banking. You just need to find a bank that does provide personal business banking. You'll need to go to that bank and find out exactly what it is that they require. Typically, what a bank will require is usually three things. Number one, they're going to need a tax ID or an EIN, an employer identification number. Number two, they're going to need a legitimate member or officer or director of the corporation or limited liability company, someone who's authorized to open up the account and be a signatory for it. And then number three, a lot of times they're going to want a resolution. And that is one of the resolutions that the board would adopt that says it's OK to open up that bank account. And most of the time, a bank, when you open it up, will give you a form of resolution, and all you have to do is fill it in with the name of your company and the date that you did it. This can be done and ratified and just attached to meeting minutes that you have at your next board of directors meeting. Typically, at a very first meeting, I would state that we have the ability to open a bank account. For instance, if I knew what bank it was, I might mention it, and I would say that we have the ability and that any officer, proper officer or director, has the ability to go in and sign any paperwork on behalf of the company to make that happen. So the second signing of it doesn't require a whole another meeting. You would just go ahead and attach it and say, "This was the thing that we signed." And that makes it up and on the level, and it allows you to work a lot faster when it comes to dealing with the bank.
