Once you have a registered business, you can open a bank account with a financial institution. The type of business you set up will dictate the types of documents you will need to bring with you.
Before you go…
Decide who will have signature authority.
It makes sense to give signature authority to the band member(s) who are working the most with the band’s money. These member(s) will have to be there in person and bring ID.
Gather all of the required documentation.
Check with your bank so you know what documents they require for opening your type of business account.
Review account options.
Review the bank’s account options so you can understand and compare fees, charges and requirements.
Decide if you need a merchant account.
Decide if you will need a merchant account (for collecting credit card payments through the bank’s payment processor).
Decide on a corporate credit card.
Decide if you want a corporate credit card to handle expenses (this will be a separate application process).
You can use services such as Square to collect credit card payments, and these will connect directly with your bank account, without needing a merchant account through your bank.
Decide who is going to manage your books and keep track of financial transactions.
Managing expenses requires discipline. You will need to make decisions about your business rules and processes.
No business can escape taxes. Ensure that you have everything in place to manage and prepare for your tax payments.