- BIST10011,440-2.41%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,165.80-0.37%
- INTEREST37.00%-1.00
- BITCOIN82,197+0.22%
- October 19, 202613ยฐ
- BIST10011,440-2.41%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,165.80-0.37%
- INTEREST37.00%-1.00
- BITCOIN82,197+0.22%
- October 19, 202613ยฐ
Company bank account and other steps: checklist
After obtaining the EIN, open the company account, set up the tax payment system, and complete employee procedures.
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1. Open a company bank account
When you start receiving or spending money, open an account in the company's name after obtaining the EIN.Bank account and taxes
- When you start receiving or spending money, open an account in the company's name after obtaining the EIN.
- Prepare the EIN, formation documents, ownership agreements, and business license; the bank may request additional documents.
- Compare fees and interest rates for accounts, credit, and merchant services among banks.
- Before depositing money, use the BankFind tool to check that the bank is legitimate and FDIC-insured.
- After obtaining the EIN, use EFTPS for federal tax deposits and electronic payments.
Employee procedures
- For everyone you hire, complete Form I-9 as the employee and employer and verify employment authorization.
- Obtain each employee's name and SSN; do not accept an ITIN instead of an SSN.
- Obtain a signed Form W-4 from every employee when they start work and calculate income tax withholding accordingly.
- Report new and rehired employees to the state where they work within 20 days after they start work.
- File Forms 941 and 940; at year-end, send the employee a W-2 and the Social Security Administration a W-3.
- For a business with employees, consider workers' compensation, unemployment, and disability insurance.
- Track the expiration dates of licenses and permits and renew them before they expire.
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Businesses come from the siteโs Businesses section; they are not recommendations of the guide. This content is general information, not legal advice.