Question: I just formed by new Arizona limited liability company. I now need to open a bank account in the name of the LLC. How do I open the account?
Answer: Tell the bank you want to open a bank account in the name of the LLC. Give the following to the bank officer:
- A copy of the LLC’s Articles of Organization with either the Arizona Corporation Commission’s “received” stamp or its “filed” stamp. Most banks will accept the Articles of Organization before it has been approved by the ACC. A few, however, require a copy of the Articles of Organization approved by the ACC with the “filed” stamp on it.
- The LLC’s federal employer identification number (EIN). To learn how to get an EIN for an LLC, read my article called “How Do I Get a Federal Employer Identification Number for an LLC?“
- A few banks also require a copy of the LLC’s Operating Agreement. If you do not have an Operating Agreement for your Arizona LLC hire me to prepare a custom Operating Agreement by completing and submitting our online Operation Agreement Questionnaire.
If you want to open a bank account immediately after submitting the Articles of Organization to the ACC, you must hand deliver two copies of the Articles of Organization to the ACC. Give one copy to the ACC and ask the ACC clerk to stamp the copy with the ACC received stamp and return it to you. Use this copy to open the LLC’s bank account. If you do not follow this procedure, you will not be able to open the LLC’s bank account until you receive the approved Articles of Organization from the ACC one to four week after the submission date. Check the upper right hand corner of this website for the date of documents filed on an expedited basis that are being reviewed by the ACC.
I recommend that you get an EIN for your LLC. Banks will allow you to open a bank account in the name of the LLC if you give the bank your social security number. In this age of identity theft, it is better to get an EIN for the LLC so you do not have to give out your SSAN to banks or others from time to time.