Business Checking
Wednesday I stopped by my local 5/3 Bank branch in Pleasant Ridge to setup a separate bank account for the Oakley Home 2 LLC business that I will be transferring funds through to the lender, builder and buyer of the Oakley Home 2.0 project. The process of setting up a new business checking account was surprisingly simple and just a matter of presenting documentation proving the LLC is a recognized entity by the State of Ohio and that I am the agent for the business, along with the Tax ID / EIN number associated with the LLC (which is filed for through the IRS website and takes about 10-minutes to complete).
The only cost I incurred with setting-up the account was $29 for a new checkbook for the business, which should be arriving within a week or so. With this step complete, I am now able to start transferring funds and property into the LLC and can get things moving forward with the lender, builder and building department.
The only cost I incurred with setting-up the account was $29 for a new checkbook for the business, which should be arriving within a week or so. With this step complete, I am now able to start transferring funds and property into the LLC and can get things moving forward with the lender, builder and building department.
