Question: I just formed by new California limited liability company. I now need to open a bank account in the name of the LLC. How do I open the account?
Answer: Tell the bank you want to open a bank account in the name of the LLC. Give the following to the bank officer:
- A copy of the LLC’s Articles of Organization with either the California Secretary of State’s filed stamp.
- The LLC’s federal employer identification number (EIN). To learn how to get an EIN for an LLC, read my article called “How Do I Get a Federal Employer Identification Number for an LLC?“
- A few banks also require a copy of the LLC’s Operating Agreement. If you do not have an Operating Agreement for your California LLC you may hire us to prepare a custom Operating Agreement that complies with California’s new Revised Limited Liability Company Law effective January 1, 2014.
Most banks will allow you to open a bank account in the name of the LLC if you give the bank your social security number, but I recommend that you get an EIN for your LLC instead. In this age of identity theft, it is better to get an EIN for the LLC so you do not have to give out your SSAN to banks or others from time to time.
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