I recently met with Francie Han, Vice President, Business Deposit Specialist at IronStone Bank for lunch. We met late last year at a networking event in Bellevue. Since that time Francie has gone out of her way to introduced me to a number of members of her network.  As a business owner it is important to surround yourself with the right advisors and people who care about what you are doing and will help you when needed.  I admire her ability to recognize needs of business owners and help connect them to the right person or service provider. She, herself works diligently with business owners to navigate the world of business and personal checking, savings, money markets, credit cards, merchant services, planning etc. Since she is an expert at opening business accounts I thought I would find out from the Banker what are the common issues or problems that usually come up when opening an account.  She explained that it can be a lot of paperwork and it helps to work with a banker who knows your business to help you navigate the system. She advised that one of the best ways to streamline the process is to come in with proper identification and the right business information and documents in hand. Below is a list of items most banks generally require.

Please note that all banks have different requirements to open a business account so it is best to contact your bank and find out what all is needed.

Required Business Information:

• Business Legal Name and any dbas (“doing business as”)
• Primary Contact Information
• Physical and Mailing addresses
• Business Phone, Fax and website information.

Additional Documentation by Entity

Corporation

• Certified Articles of Incorporation
• State of WA-Issued business license or a copy of website application containing the UBI (Unified Business Information) Number.
• Corporate Resolutions completed and SIGNED

Limited Liability Company

• Certificate of Formation issued by the Secretary of State
• Signed Operating Agreement
• State of WA-Issued Business License or website application with UBI (Unified Business Identification) information
• Declaration of Unincorporated Business completed and signed (Bank provides this form)

Limited Partnership

• Certificate of Limited Partnership
• Copy of Partnership Agreement
• State of WA-Issued Business License or website application with UBI (Unified Business Identification) information
• Declaration of Unincorporated Business completed and signed (Bank provides this form)

Partnership

• Partnership Agreement
• State of WA-Issued Business License or website application with UBI (Unified Business Identification) information
• Declaration of Unincorporated Business completed and signed (Bank provides this form)

Unincorporated Association or Non-Profit

• IRS 501 Exempt Letter for Non Profit Status
• Organizational documents (i.e. Articles of Incorporation and Bylaws)
• Declaration of Unincorporated Business completed and signed (Bank provides this form)

Sole Proprietorship

• Social Security Number
• State of WA-Issued Business License with information on Trade name or website application with UBI (Unified Business Identification) and trade name.
• Declaration of Unincorporated Business completed and signed (Bank provides this form)

If you are looking for a banker who is has integrity, is personable, and will do her best to help you and your business I highly recommend Francie Han at IronStone Bank.  I currently do not have an account with Ironstone but I consistently seek out advice from Francie about best practices for business owners. I’ve come to learn in my business that knowing the right banker and developing a real relationship with them makes all the difference.