The simple answer is, no, you don’t need an LLC to start your own business, although you may decide you want one.
An LLC, or limited liability company, provides personal liability protection and a formal business structure, but you can also get those things by forming a corporation or other type of business entity.
Do you have to have a business account for an LLC?
If you operate as a limited liability company (LLC) or a corporation, you must open a separate business account. Sole proprietorships and partnerships without DBAs are not legally required to open a business bank account.
Do you need a business license to open a business bank account?
In order to open a business bank account, you must be an officer or owner of the business. Valid forms of personal identification include a driver’s license, state-issued identification, or passport.
What do I need to open a bank account for my LLC?
Generally, most banks ask for the following to start a new account:
- A filed copy of your LLC’s certificate of formation to ensure that your business is legally registered with the state.
- A copy of your LLC Operating Agreement.
- Federal tax ID number (EIN).
- The address where your business office is located.
How much money does an LLC have to make to file taxes?
Filing Requirements for Disregarded Entities
You are required to file Schedule C if your LLC’s income exceeded $400 for the year. If a one-member LLC did not have any business activity and does not have any expenses to deduct, the member does not have to file Schedule C to report the LLC’s income.