How to Open a Bank Account for Your Michigan LLC
Opening a Business Bank Account for Your Michigan LLC: What You Need to Know
Starting your LLC is a big milestone—congratulations! But before you dive into day-to-day operations, there’s a crucial step many new business owners overlook: opening a dedicated business bank account.
Separating your personal and business finances isn’t just smart—it’s essential. It protects your LLC’s limited liability status and simplifies accounting, tax filing, and cash flow management. But to open that account successfully, you’ll need to bring the right documents.
Here’s a step-by-step guide to make the process smooth and stress-free.
What to Bring When Opening an LLC Bank Account
1. Articles of Organization
This is the official document filed with the Michigan Department of Licensing and Regulatory Affairs (LARA) that proves your LLC legally exists. Most banks won’t open an account without it.
Tip: Lost your copy? You can download it from the Michigan LARA website.
2. Operating Agreement
While not always required, this internal document outlines how your LLC is structured and who manages it. It’s especially important for multi-member LLCs where multiple owners may need access to the account.
3. Employer Identification Number (EIN)
This is your LLC’s federal tax ID, issued by the IRS. Most banks require an EIN even if you don’t have employees. You can apply for one quickly and for free on the IRS website.
4. Personal Identification
You’ll need a government-issued photo ID, like a driver’s license or passport, to verify the identity of the person opening the account.
5. Initial Deposit
Some banks require a minimum deposit to get started. Check ahead to see if your chosen financial institution has this requirement and how much it is.
Helpful Tips to Streamline the Process
Call the Bank in Advance: Requirements may vary slightly between banks. Calling ahead can save you time and prevent surprises.
Retrieve Missing Documents Online: Most documents like your Articles of Organization or EIN confirmation letter can be accessed online.
Compare Banking Options: Look for a bank that offers small business-friendly features like low fees, strong online banking tools, and helpful customer service.
Why You Need a Separate LLC Bank Account
Keeping your LLC finances separate from your personal accounts isn’t just about good recordkeeping—it’s about protecting your legal status.
When you commingle funds (mix personal and business money), you risk something called "piercing the corporate veil"—a legal situation where a court may hold you personally liable for business debts or legal issues. Opening a separate bank account helps reinforce your LLC’s independence as a business entity.
Plus, it makes life easier during:
Tax season
Audits
Budgeting and tracking expenses
Start Strong: Set Up Your LLC the Right Way
Setting up a business bank account is more than a formality—it’s a foundational step in legitimizing and growing your LLC. At our law offices in Detroit, Dearborn, and Royal Oak, we help entrepreneurs across Southeast Michigan start and structure their businesses with confidence.
Need help gathering documents or navigating the LLC formation process? We're here to help.
✅ Quick Recap:
You’ll need your Articles of Organization, EIN, ID, and possibly an Operating Agreement and deposit.
Call your bank first to confirm specific requirements.
A separate business bank account protects your LLC and simplifies your finances.
🗓️ Ready to take the next step?
We offer personalized guidance for LLCs throughout Detroit, Dearborn, Royal Oak, and Southeast Michigan. Let’s set your business up for long-term success.
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Start your business strong—take control of your LLC’s financial future today!