Wyoming Business Bank Account

Before you start making and accepting payments as a business, you need to open a business bank account. Having a dedicated bank account for your business is an essential aspect of keeping your personal and business finances separate and organized, especially when it comes to doing your taxes. Plus, business bank accounts often come with perks, such as better access to business credit cards or loans through your banking institution.


What to Look for in a Business Bank Account

As with personal banking, not all business bank accounts are created equal.

Ideally, you want an account with:

  • High interest rates (APY) for savings and checking
  • Low interest rates (APR) for lines of credit
  • Low transaction fees
  • Low or no monthly or annual fees
  • Low early termination fees
  • Low minimum account balance fees

You may also take into consideration special introductory offers or banking features. For example, you may access to a company credit card with a lower APR because you open a business checking account or receive cash bonuses for making a certain number of transactions during your few months of doing business. Or, you may choose one bank over another because it allows mobile check deposits.


How to Get a Bank Account for Your Wyoming Business

First, you’ll need contact to your chosen bank and set up an appointment.

What you must bring to your appointment varies from bank to bank, but here’s a list of common requirements:

For your business:

  • Business name and address
  • Business phone number and email address
  • Tax ID Number (EIN) from the IRS
  • Business type (LLC, corporation, sole proprietorship)
  • Formation date
  • A copy of your filed Articles of Organization or Incorporation
  • A copy of your operating agreement or corporate bylaws and any other ownership agreements
  • Trade name or DBA and registration, if you have it
  • Business license, if required

For the person in charge of opening your account:

  • Personal Identification (some banks require two forms of ID)
  • Personal address and contact information
  • Birth date and social security number

To find out exactly what you’ll need to have on hand, contact your bank.


Additional Questions:

Do I have to be present to set up a business bank account?

Bank accounts can only be opened in person. You personally do not have to be present, but someone must be.

If you wish to designate someone other than yourself to open business accounts for you, you will need to authorize that person to do so in your Operating Agreement. Then, when the bank reviews your documents, they will see that the person present at the bank does indeed have the authority to open accounts for your corporation.


If I designate you as my organizer or incorporator, can you open accounts for me? 

No, simply being your LLC organizer or your incorporator does not allow us to open a business bank account on your behalf. However, with our company formation service, you will obtain all documents required by banks to open a business bank account. On top of that, when you hire us, you’ll be able to use our business address for all your banking needs, which adds another layer of privacy between your personal life and your business life.


What if my business is owned by another business?

Sometimes, you form one business under the umbrella of another. In that case, how do you open a business bank account for the subsidiary business?

Well, in the operating agreement or corporate bylaws of the parent company (Business A), you will need to authorize someone to open bank accounts for the subsidiary company (Business B). Your bank will not open accounts with someone who is not officially authorized to do so.

When setting up Business B’s bank account, you’ll need to bring documentation for both companies.