Carson Thorn CPA hero background

What Do I Need to Open a Business Bank Account in North Carolina?

If you’re looking to open a business bank account in North Carolina, you can save yourself a lot of time if you familiarize yourself with the different types of accounts and the requirements. Not all business bank accounts are created equal, so the requirements for each are going to differ. 

Here is a guide about the different types of accounts as well as what you’ll need to open them so that you can be prepared before you head to the bank. We’ll also answer some frequently asked questions when people want to know what do I need to open a business bank account?

Let’s get started.

Different Types of Business Bank Accounts

Before we can talk about the requirements to open a business bank account, you need to know about the different types of business bank accounts. There are three main types. These are:

Business Checking Account

This type of account is used for everyday transactions like checks and deposits.

Business Savings Account

A business savings account is used to store surplus cash and to build interest.

Merchant Services Account

If your business accepts credit card payments, you’ll want to choose this type of account. Merchant account providers will give you the money for your sales upfront before the customer pays their credit card company. You’ll need a business checking account to open a merchant account.

Requirements for Opening a Business Bank Account in North Carolina

Once you decide which type of business bank account you need, it’s time to gather all of the right documentation. This includes:

Personal Identification

You will be asked for one or two forms of personal identification to prove that you are an officer or owner of the company. These can include:

  • Driver’s License
  • State-issued Identification Card
  • Passport

Social Security Number or Employer Identification Number (EIN)

To prove your business is what you say it is, you’ll need to provide the EIN, as well as documents from the IRS when you received your EIN. If you’re a sole proprietor, you may be able to use your social security number instead of an EIN.

Business License

A business license shows you are authorized to operate in North Carolina. In North Carolina, there are over 700 types of licenses and permits needed to open various types of businesses, and no one, generic license satisfies all compliance requirements.

Partnership Agreement

Businesses with different owners will need to show a partnership agreement, bylaws, or an operating agreement.

Certificate of Assumed Name

If your business operates under a trade name that is different from the legal name, you’ll need to file a DBA (doing business as name) with your state’s secretary of state. You’ll need a copy of your DBA filing documents to show your business’ trade name.

Monthly Credit Card Revenue

If you’re applying for a merchant services account, you’ll need to show estimates of your monthly credit card volume or the processing history and average volume of your monthly credit card revenue. You may also be asked to provide financial statements and bank account statements.

Organizing Documents

Organizing documents give the following information:

  • Business Owner & Address
  • Business Name
  • Registered Agent (the person who handles paperwork)
  • Management Structure (the person in charge of running the company)
  • Activities the Business Will Engage In

The requirements for organizing documents can vary by state so be sure to check the requirements where you live.

Minimum Deposit

Similar to a personal bank account, a business bank account will typically require a minimum deposit.

How Requirements Differ Based On Your Business Type

The requirements for a business bank account will differ based on the type of business you have. This is the general breakdown:

Sole Proprietorship

  • Personal identification
  • Business license with the name and owners’ names.
  • Social security number or EIN
  • Certificate of assumed name
  • Monthly credit card revenue for merchant accounts only

LLC (Limited Liability Companies)

  • Personal identification
  • Business license
  • EIN
  • Certificate of assumed name/DBA
  • LLC operating agreement including the names of all business partners
  • Articles of organization
  • Monthly credit card revenue for merchant accounts only


  • Personal identification
  • EIN
  • Business license
  • Certificate of assumed name/DBA
  • Corporate bylaws
  • Articles of incorporation
  • Monthly credit card revenue (for merchant accounts)


  • Personal identification
  • EIN
  • Business license
  • Certificate of assumed name/DBA
  • Partnership agreement with the name of the business and its partners
  • Organizing document
  • Monthly credit card revenue for merchant accounts only

When you have all of these documents ready to go, it makes opening your business bank account much easier. Once you have your business bank account established, you may need monthly financial statements. At C.E. Thorn, CPA, PLLC we can help generate those statements for you to make the accounting process much easier.

FAQ about Business Bank Accounts

Why Should I Open a Business Bank Account?

Opening a business bank account helps keep your business transactions streamlined and separate from any personal accounts. This will help during tax time and it also helps to keep a professional appearance.

Do I Need a Lot of Money to Open a Business Bank Account?

The minimum deposit requirement will depend on the bank, while some have no requirements. Generally, you can open a business bank account with $50-$100.

Can I Open a Business Bank Account Online?

Yes, many banks allow you to do so. Check with the bank you are considering to see if they offer this option.

How do I Choose the Right Bank to Open My Business Bank Account?

It’s important to shop around and find out what types of fees may be attached to your account. You want the ones with no fees or the lowest fees possible. You may also want to choose the bank where you have other accounts so you can do all of your banking in one place.

Contact Our CPA Firm for Accounting & Bookkeeping Services

For small business bookkeeping services in the Raleigh area, call us today at  919-420-0092 or fill out the form below.

"*" indicates required fields

Your Name*
By submitting this form, you are consenting to our privacy policy.
This field is for validation purposes and should be left unchanged.