How do I open a business bank account?

Steps:

1. Get your paperwork ready. An EIN from irs.gov (free), your LLC or other formation documents if you have them, any DBA registration if you use a business name, and your business license. Some banks ask for more, so check first.
2. Compare banks. The SBA suggests looking at introductory offers, interest rates on savings, checking and lines of credit, and fees: per transaction, early termination and minimum balance.
3. Pick the accounts you need. Common ones are a checking account, a savings account, a business credit card and merchant services for accepting card payments. For merchant services, compare processing rates, per transaction fees and monthly minimums.
4. Apply online or in a branch. Some owners use the bank that holds their personal account, but it is still worth comparing.
5. Use it for every business dollar. Deposit all business income, pay all business costs from it, and move your own pay out as an owner draw.

A separate account keeps business funds apart from personal funds, which the SBA says gives limited personal liability protection and makes records simpler.