If you own a business or are planning to start one, you’ll need a separate bank account to pay your business expenses. You could also look at implementing one of the payroll apps available to make it easier to pay your employees without delay so you can focus on bigger-picture needs. Opening a business account can be confusing, and making sure all your ducks are in order can be tedious. Here’s what you need to start with to qualify for a business checking account with Axos Bank.
General Requirements for Business Accounts
You’ll first need to provide documentation to verify your business. Axos Bank is required by law and responsibility to make sure that your entity exists and is in good standing in order to open your account. They will do their due diligence to obtain information about your business from public records, but they may require you to provide additional information or documentation if they are unable to retrieve it.
For any business type, Axos requires all owners of the business to provide their driver’s license. If your business is doing business as (DBA) another name, you’ll need to provide additional requested documents to certify the name of your business and certify the DBA.
Documents Needed Based on Business Type
Don’t start your application unprepared. In addition to the above, Axos Bank will require different forms and documents based on what type of business you have. Here’s what you need to apply for Axos business checking accounts based on your business.
If your business is a sole proprietorship, you’ll need to provide the IRS form Application for an EIN (Employer Identification Number). General partnership businesses will need to provide the general partnership agreement and amendments if any. As an LLC, Axos Bank will need to see your operating agreement, as well as the articles of organization and all related amendments. In a Limited Partnership (LP) or Limited Liability Partnership (LLP), Axos Bank will ask for your agreement and amendments, as well as the certificate of the partnership being filed with the state.
Both for-profit and non-profit corporations that are registered by fulfilling basic guidelines listed on a Charity State Registration White Paper will need to provide articles of incorporation and related amendments. Nonprofits require a letter from the IRS that certifies their nonprofit status. You may as well need to provide these to verify yourself and your organization. You’ll also need to provide information about active officers, including their powers and meeting minutes. Associations require the same as nonprofit corporations, and homeowners’ associations will need to provide the property management contract agreement.
Using your Business Checking Account
Use your Axos business checking account just like you would any other account – through a Visa debit card. You can also utilize ACH payments and wires to make payments to vendors or pay your employees. Axos Bank knows that writing physical checks might be necessary once in a while, so they will give you your first 50 checks for free, and you can pay for more if you need them. Take advantage of remote deposits and cash deposits, as well, just like you would with your personal checking account. Considering how business checking accounts can streamline vendor and employee payments under the same tab, you could also streamline other business operations by eliminating manual processes of accounting and business finance management with the help of ERP (Enterprise Resource Planning) software. That said, entities such as SYTE Consulting Group (https://sytecg.com/) could help focus on optimizing businesses this way with the help of their ERP consulting services.
It’s as simple as that!
The thought of it might be intimidating, but as you can see, Axos Bank makes opening a business checking account pretty straightforward. They take time to verify your identity (as they should) and the standing of your business, and you can use your account pretty much like any other checking account – it just has to be for your business. Visit Axos Bank’s website for details on account types and how you can open one for your new small business.
