Business bank accounts - Open Swiss Banking Account

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Keeping your business banking separate from your personal account means it will be far easier for you to manage cashflow, as well as work out your tax liability at the end of the year.

Opening a business bank account online can be an easy and painless process when you have all the necessary documentation in place.

First, it is important to realize there are several factors that can prohibit one from opening a business bank account on the internet.

For example, if a company provides money services, including check cashing, issuing money orders, issuing store value cards, exchanging currency, or wiring funds in exchange for a fee, banks will not allow you to open an account online. You will need to go to the branch personally to open an account.

In addition, if your business is in one of the following industries, then you will need to open an account in person rather than online.

Telemarketing
Precious metal dealers
Gambling
Government entities
So, what type of documentation is required to open a business bank account online? Depending on the structure of your business, the following documents will be required to open an account online.



Sole Proprietorship

Social Security Number or Business Tax Identification Number
Business License showing both business and owner’s name, or
Business name filing document, such as a Fictitious Name Certificate or Certificate of Trade Name, showing both business and owner’s name
General Partnership

Business Tax Identification Number
Partnership Agreement showing business name and name of partners, and
Business name filing document, such as Fictitious Name Certificate or Certificate of Trade Name, showing business name and name of partners
Limited Partnership

Business Tax Identification Number
Limited Partnership Agreement showing business name and name of partners, and
Business organizing document filed with and certified by state official, such as Certificate of Limited Partnership, showing business name and name of partners
Limited Liability Partnership

Business Tax Identification Number
Limited Liability Partnership Agreement showing business name and name of partners, and
Business organizing document filed with and certified by state official, such as Certificate of Limited Liability Partnership, showing business name and name of partners

Corporation

Business Tax Identification Number
Articles of Incorporation or Certificate of Incorporation
Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation
Corporation (Publicly Traded)

Business Tax Identification Number
Articles of Incorporation or Certificate of Incorporation
Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation
Professional Corporation

Business Tax Identification Number
Articles of Incorporation or Certificate of Incorporation
Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Incorporation or Certificate of Incorporation
Limited Liability Company

Business Tax Identification Number
Articles of Organization or Certificate of Formation
Corporate Resolution identifying authorized signers if officer names are not listed on Articles of Organization or Certificate of Formation
Unincorporated Association

Business Tax Identification Number
Organizing document, such as Articles of Association (if available)

You will be prompted to select what type of bank account you prefer to open. Some online banks offer a variety of options, from business economy checking to full analysis business checking.

If you are given the opportunity, select the business debit card option and review all the additional services you can add to your account.  

Now that you have opened a business bank account successfully, the next step is establishing a favorable bank rating for your company.


Part of having a business identity is to keep your business finances separate from your personal finances. The Internal Revenue Service (IRS) requires it. There's just no better way to do that than to open a business checking account.

While free business checking isn't as common for business as it is for personal accounts, some banks now offer it. I switched to free business checking after I got tired of paying $35 for my low-volume checking account at a competing bank. And, while you probably won't earn interest in your business checking account, it can help you establish credit for your business.

Business Bank Accounts and Credit Unions

Many credit unions also offer business accounts, typically at lower rates than commercial banks. In some states, you don't have to be an employer or a member of an organization to join. You only have to be a resident in the state where the credit union is chartered.

Comparing Business Banking Fees

While you're comparing financial institutions, don't forget to include the cost of checks and endorsement stamps in your comparison.

Some banks offer low or no fees, only to stick you with a ridiculous fee for your first set of checks or gouge you on an endorsement stamp.

More Business Banking Accounts

You may also want to establish a savings account for your home business in order to earn interest on accumulated funds that you may need later to pay bills, such as your estimated taxes. Once you've established a working relationship with your business banking partner you may also want to apply for a credit card in your business name. A business credit card can help when you're short on funds and suddenly need equipment, software or inventory.

As you extend your relationship with your business banker you'll have a source to contact in the event your need to borrow money to run or grow your business. Business bankers may also offer other valuable services, such as credit card and payment processing for your small business.


 
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