Opening a Business Bank Account for a Florida LLC

Opening a Business Bank Account for a Florida LLC

Opening a Business Bank Account for a Florida LLC

Forming a Limited Liability Company (LLC) legally separates you from your business so that your own assets cannot be seized in cases of debt or litigation. To enjoy this protection, however, there must be a clear divide between you and your business’s finances. It’s because of this that an LLC is required to have a business bank account in its own name. Failure to do so can result in losing your limited liability protection.

Research Your Options

Don’t settle for your usual bank just because it seems more convenient. Even if it’s the best option for you, there’s no guarantee that it’s going to be the best option for your business. Doing the research now means saving money later. Pay attention to the different service options, fee structures, or any available perks that the bank might have to offer. You’ll want to know if you stand to benefit from overdraft protection, depending on the state of your finances. Before going in, you should also know if you will want any checks, debit cards, or credit cards attached to the account.

Bring the Proper Documents

Setting up a business bank account requires more paperwork than setting up a personal account. Different banks have different requirements. However, there are a few key pieces of documentation that you will almost certainly need. These include your LLC’s articles of organization, certificate formation, your operating agreement (or other records of who is allowed to sign on behalf of the LLC), and your Employer Identification Number (EIN). Before heading over to speak with a banker, do the smart thing and call ahead and see what their specific documentation requirements are.

Opening Your LLC’s Business Bank Account

If you’ve done your research and came prepared with all your documents, then this final push should be easy to handle. The actual process isn’t all that different from when you’re setting up your own accounts, save for the additional paperwork. However, be sure to never dip into your LLC’s finances or supplement it with your own. This will annihilate your liability protections.

Looking to start a business or grow your current business? Contact FL Patel Law today by visiting our website or calling (727) 279-5037.

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FL Patel Law PLLC is a boutique business law firm dedicated to entrepreneurs and companies.

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