Opening the right operating accounts for your business is an important step to managing your cash. Whether your cash flow comes in through direct cash sales, payment processing, third-party merchants or a combination, operating your business means keeping your funds safe and secure. When you go to the bank, be prepared with everything you need to easily set up your accounts.
Who’s involved
Your corporate structure will determine who will need to authorize the opening of a bank account. If you are a sole proprietor, there are no additional requirements as you are the sole owner. For corporations and partnerships, other individuals will need to be part of the process.
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Type of entity |
Who is involved |
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Sole proprietor |
Only the sole proprietor |
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Partnership, Limited partnership (LP) or Limited liability partnership (LLP) |
All partners as set out in the partnership agreement |
|
Corporation |
Any Directors/Corporate officers as set in the Notice of Directors, Articles of Incorporation, Corporate Resolutions or Corporate Bylaws. (If there are more than three directors/corporate officers who have the authority to open and operate the account(s), at least three will be required to open account(s) with ATB) |
What you need to bring
Depending on what type of business structure you have, certain documentation will be required to open up your business bank accounts. Always remember to bring government-issued photo ID with you to your appointment.
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Type of entity |
What to bring to the bank |
|
Sole proprietor |
|
|
Partnership |
|
|
Limited partnership (LP) |
|
|
Limited liability partnership (LLP) |
|
|
Corporation |
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Our business advisors will ask authorized individuals who are participating in the opening of business accounts to confirm:
- their full legal name
- their date of birth
- the primary phone number
- the main address and physical address of the business
If you will be applying for a line of credit, financing, Mastercard or requesting overdraft protection or different release limits for your business, your business advisor may also ask permission to pull a credit bureau report.
When to open your accounts
A good time to begin your business banking is after registration, but the best time is as soon as you begin any operations as a business entity. This creates a clear separation between your personal finances and your business interests and will provide a clear understanding of your company cash flow as you operate.
Setting up smart banking is an essential step in creating a successful business, especially with ATB’s Free Banking for Startups for your first year of operations. With that completed, you can work with your business advisor to set up your merchant services and establish your bookkeeping systems.