What you need to open a small business deposit account
Be prepared with the information and documents you'll need to open your small business checking, savings, money market or CD account. This helps verify your business and key individuals associated with it.
To complete your application online or in person, you'll need some basic info, including:
- Your legal business name and address1
- Your Tax ID Number (some business owners may use their Social Security Number)
- A valid driver's license, state-issued ID or passport to validate your identity
- If you plan to add other authorized signers, beneficial owners and/or individuals with control, you'll need each person's name, job title, address, phone number, date of birth, Social Security Number and valid ID
Who can open an account online
One owner who also must be the individual with control and sole signer can open an account online.
Any business owner can visit a TD Bank to inquire about opening a deposit account.
Find a TD Bank
Information on all beneficial owners or the individual with control2
If you open your account at a TD Bank, you'll need to provide a signed and completed certification form with information on all beneficial owners and the one individual with control. If you open your account online, this information will be gathered as part of your application.
- What is a beneficial owner?
Each individual, if any, who owns, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, 25% or more of the equity interests of the legal entity (e.g., each natural person who owns 25% or more of the shares of a corporation). There may be instances where you will be asked to provide this information on 10% owners.
- What is an individual with control?
One individual with significant responsibility for managing the legal entity, such as an executive officer or senior manager (e.g., Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer); or any other individual who regularly performs similar functions.