Congratulations on becoming a new business owner! As an entrepreneur, it is important to separate your personal finances from those of your LLC by opening a separate business bank account. This will not only help organize your finances but also demonstrate the legitimacy of your business to the residency's office.
Please Note: The instructions provided below will guide you through the process of applying for a business bank account. If the bank requests proof of address, you can submit a copy of your current lease.
You may collect payments via personal Venmo (or a different app) before setting up the bank account, but ensure that you deposit the business funds into the bank account once it's established.
Please Note: If you haven't already, you need to submit the BOIR Report. It takes <5 minutes and will ensure your LLC is federally compliant.
Navigate to Novo
Click “Get Started”
Type your email
Type a password
Click “Get Started”
Open up your email
Copy the code
Paste the code
Click “Next”
Click “LLC”
Click “Next”
Type your first name
Type your middle name if applicable
Type your last name
Select your citizenship
Click “Next”
Type your mobile number
Click “Next”
Open your texts
Copy the code
Paste the code
Click “Next”
Type your address
Type your apartment number if applicable
Type your city
Select your state
Type your zip code
Click “Next”
Select your birth month
Select your birth day
Select your birth year
Type your SSN (social security nuber)
Click “Next”
Enter your legal business name
Type “100”
Select “Owner”
Select “Texas”
Click “Next”
Either type your business address or check the box if the addresses are the same
Click “Next”
Check the box
Type your EIN
Select the month your LLC was established
Select the year your LLC was established
Check the box or leave it empty depending if you earn other income.
Click “Next”
Select the most applicable industry
Type a description of your business
Type “1”
Click “Next”
Select your estimated monthly revenue
Check “ACH" and “Check Deposits”
Select your estimated estimated monthly incoming ACHs
Select your estimated estimated monthly outgoing ACHs
Select your estimated monthly check deposits
Keep the default selection as “No” for having non-U.S sales.
Click “Next”
Gather applicable documents
Click “Start Verification”
Scan the QR code with your phone’s camera
Click “Start Verification”
Click “Consent”
Select either form of ID
Click “Allow”
Scan your ID
Click “Submit”
Take a selfie
Go back to computer
Click “Next”
Redownload your previously uploaded LLC Certificate
Click the + icon
Upload your LLC Certificate
Toggle the switch to “yes” that your name is on the document
Click “Next”
Toggle the switch to “no” if you don’t need a physical card or “yes” if you need one.
Click “Next”
Select which platforms you use if any
Select your Novo plans (1+)
Click “Next”
Review your responses for accuracy
Click “Continue”
Check the box
Check the box
Check the box
Leave the toggle to “No”
Click “Apply”
Take a screenshot of the application submitted page