Bank Account & Business Start-up??

[PressPrintGraphics]

As posted before, I am looking to open up my business in the next 1-2 months, probably closer to 2 months. I am trying to figure out what the proper/ideal order of events is when incorporating LLC and opening a business bank account. Which should I do first?

1. Open Bank Account
2. Incorporate LLC, so that all business expenses now are paired with the business bank account.

or

1. Incorporate
2. Open Business Bank Account

What is the proper & ideal way to do this, and what steps are involved in the preferable way?

All input is greatly appreciated.

Thanks,
Chris

 

[Bigdawg]

Incorporate first - then worry about the bank

 

[ChiknNutz]

You will need to incorporate prior to the bank acct. They require the incorporation papers to open up the acct.

 

[njsigns]

I'm pretty sure when I opened my business bank account they wanted to see my Tax ID number. So I vote for incorporate first.

Gene

 

[BrianKE]

If memory serves correct, you will need to incorporate at the state level and then get your Tax ID (commonly called EIN, employer id number I think) from the federal government (IRS).

I know in Ohio creating an LLC was a simple matter of making sure no one already has the name you want to use (again this is at the state level and done via a web search of the state database of businesses) and then completing the LLC paperwork which I believe was also done online. Ohio also sends out a nice Startup Package with some handy information.

To get your Tax ID number I believe you go to the IRS website and simply give them the business name you registered with the state and they give you a Tax ID.

From there you can open a business bank account where you will need your Tax ID number from the IRS (and I think that is all I needed to open a business account).

HTH

Brian Enderle
Plus Signs, LLC

 

[Spud]

Does anyone know if there's a way to do it online in texas?

 

[BrianKE]

Here you go Spud: http://business.texasonline.com/guide/businessstructure.jsp?lang=en

Remember, Google is your friend!

Brian Enderle
Plus Signs, LLC

 

[Spud]

Gracias, sorry for the thread hi-jack!

 

[high impact]

You will need to incorporate prior to the bank acct. They require the incorporation papers to open up the acct.

This is correct. The bank will not open a commercial account without the paperwork already in place and completed.