1. Texas LLC Bank Account

Texas LLC Bank Account


Table Of Contents

  1. Texas LLC Bank Account
  2. Why You Need an LLC Bank Account
  3. Gather Your Documents
  4. Choosing the Bank

You will not find a specific bank account for Texas LLCs. Instead, you should be able to open the appropriate type of account for your business at most banks. Even if your LLC is anonymous, the process of opening up a bank account should be fairly straightforward. You will need the same documentation and to follow the same steps as you would with a non-anonymous Texas LLC. The good news is that private and anonymous companies are becoming more popular, so the chances of your chosen bank being familiar with these entities are increasing.

Why You Need an LLC Bank Account

There are multiple reasons why you need to open a Texas LLC bank account, but they all come down to recordkeeping and separation of assets. You do not want to store your LLC's financial assets in the same account as your personal ones. This is poor practice from a legal perspective and can increase your liabilities, risking your personal assets. Additionally, having a separate account for your Texas LLC makes bookkeeping much easier since all the transactions within the account apply directly to your LLC.

Gather Your Documents

As soon as you know that you will be opening an LLC bank account in the near future, take the time to make sure your LLC's documents are together. Every bank will have slightly different requirements, but most will require the following:

  • The Articles of Organization or Incorporation for your LLC or Corporation: This provides proof that the Texas Secretary of State accepted your business entity.
  • The Operating Agreement or Bylaws: This serves as the governing document.
  • The EIN: The IRS provides this number as an Employer ID.
  • Two types of identification: At least one must have a picture. This will allow the bank to fulfill its requirements at ensuring your identity.

Choosing the Bank

As mentioned, you can choose to open your LLC account at any bank that allows you to. You may have a preference for a particular credit union or bank based on its size. Small banks tend to maximize privacy while larger banks are more likely to have experience opening accounts for LLCs in Texas.

It is not even a requirement that your bank has a physical location within Texas; it just must let you open your account. Keep in mind that while some banks will let you open an account online or over the phone, some do require a visit in person. In this case, one with a branch near your Texas location is ideal.