Lesson 11 of 15
Business banking and separating finances
The fastest way to lose limited liability is to run the business out of a personal account.
What banks usually ask for
- Approved Articles of Organization or state certificate
- EIN confirmation letter
- Operating agreement, especially with multiple members
- Identification for each significant owner and signer
- Sometimes a business licence or proof of address
Keeping the separation real
- Never pay personal expenses from the business account
- Pay yourself by a recorded distribution or payroll, not by moving money ad hoc
- Sign contracts in the company name with your title
- Keep books current and reconcile monthly
- Record loans between you and the company in writing
Mixing funds is the single most common reason a court sets the company's separate status aside.
Non-US owners
Many US banks require in-person identification. Some fintech providers open accounts remotely for foreign-owned US companies, though requirements change often and approval is never guaranteed.
Prefer to have someone handle the filing?
You can file directly with the state using the steps above. If you would rather have Gullia Filing prepare and file your formation documents, run the name check and act as your registered agent, we handle the process end to end.