September 20, 2013

Business account

One of my side jobs is for the Department of Edu. To pay me I needed to get incorporated to get on the DoE approved vendors list.

Starting an LLC is pretty easy. In HI it's about $50 and some paperwork. Once I got my business license I submitted my invoice and received a cheque written to the name of my business. To cash this cheque I need a business account.

My bank's requirements are the business license, Article of Organization and a EIN.  The business license and AoO come together as part of the application process, the EIN comes from the IRS and can be applied for online using a Wizard, but only during business hours.  It takes <10 minutes if you have all the information ready, the same information outlined on the business license and the AoO.  Additionally, my bank asked that I hand write:

I am applying for a business account with [my bank].  I will be the only member to access the account. 

They asked why type of business I have. IT consulting.  They didn't know what that was.  After all these incantations the account was opened and deposited my DoE cheque which, despite being issued by the state, has is held for 2 days.

None of the requirements are available on the website.
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