After registering your LLC, you need a separate bank account for the business. It's not optional — it's necessary to maintain the legal protection the LLC gives you.
Here I explain how to do it, which banks work well, and what documents to bring.
Why you need a separate account
Legal protection: If you mix personal money with business money, a lawyer can argue your LLC isn't real. You lose the protection. It's called "piercing the corporate veil".
Easier taxes: Everything that enters and leaves the business account is business. No reviewing personal transactions looking for what's deductible.
Looks professional: Checks and payments go out in your company's name, not your personal name.
What documents you need
Bring all of this to the bank:
- Articles of Organization — The document Georgia gave you when you registered the LLC
- EIN (Employer Identification Number) — The IRS letter with your EIN
- Operating Agreement — The internal agreement of the LLC (even if you're the only owner)
- Personal identification — Driver's license or passport
- Proof of address — Utility bill or bank statement in your name
Some banks ask for more, others less. But with these five you're covered at almost all of them.
Banks that work well for small businesses
Chase Business Complete Banking
Monthly fee: $15 (waived with $2,000 balance or $2,000 in deposits)
Advantages:
- Branches everywhere
- Good app
- QuickBooks integration
Disadvantages:
- Monthly fee if you don't maintain the balance
Bank of America Business Advantage
Monthly fee: $16 (waived with $5,000 balance)
Advantages:
- Many branches
- Preferred Rewards if you also have a personal account there
Disadvantages:
- Minimum to waive the fee is higher
Wells Fargo Initiate Business Checking
Monthly fee: $10 (waived with $1,000 balance)
Advantages:
- Lower fee
- Lower minimum to waive it
Disadvantages:
- Have had reputation issues
Novo (online bank)
Monthly fee: $0
Advantages:
- No monthly fee
- 100% online
- Integration with invoicing apps
Disadvantages:
- No physical branches
- Online only
Bluevine (online bank)
Monthly fee: $0
Advantages:
- No fee
- Pays interest on the balance
- Good for small businesses
Disadvantages:
- Online only
What to ask the bank
Before opening the account, ask:
- What's the monthly fee and how do I waive it?
- How many transactions are included? (some charge after a certain number)
- Do you have Zelle for businesses? (useful for receiving payments)
- Can I deposit cash? (important if your clients pay in cash)
- Are there charges for transfers?
The step-by-step process
- Call or go online to make an appointment — Most require an appointment to open business accounts
- Bring all documents — Better to bring more than less
- Complete the application — They'll ask about the business: what you do, approximate revenue, how many owners
- Make the initial deposit — Most ask for between $25 and $100 to open
- Receive your card and checks — Debit card arrives in 5-10 days, checks if you ordered them
Rules for using the account correctly
DO this:
- Deposit ALL business income there
- Pay ALL business expenses from there
- Pay yourself a "salary" by transferring to your personal account regularly
DON'T do this:
- Pay personal expenses from the business account
- Deposit personal money there without documenting it as a loan or contribution
- Mix business cash with personal cash
How much to keep in the account
General rule: keep enough to cover 1-2 months of business expenses.
Example: If your expenses are $500/month (gas, products, insurance), keep $500-1,000 in the account.
This also helps you waive the monthly fee at most banks.
What's next
With the bank account ready, you can:
- Receive payments in your company's name
- Pay business expenses in an organized way
- Have clear records for taxes
The next step is making sure clients find you. A Google Business profile and a website bring you clients searching for your service — and you already have somewhere to deposit the payment.