Business Membership

Opening a Business Account at Thinkwise Credit Union

Starting a business is an exciting journey, and opening the right business bank account is a critical step toward financial success. At Thinkwise Credit Union, we’re here to help make that process as smooth as possible. For business membership eligibility, organizations involved in the educational sector, including schools, nonprofits, and educational service providers operating within our service area of San Bernardino, Riverside, and Orange counties are encouraged to apply. Be sure to detail how your business is engaged with and supports the educational community, fostering partnerships and collaboration.

To get started, you’ll need to provide a few key documents, depending on the structure of your business. Below are the essential items you should have on hand to open a business account:

1. Employer Identification Number (EIN)

The first step in opening a business account is obtaining an Employer Identification Number (EIN), also known as a FEIN or tax identification number. This number is issued and managed by the IRS and is necessary for tax reporting purposes.

  • Do You Need an EIN?

    • A sole proprietorship with no employees typically does not require an EIN, though you may choose to obtain one for business purposes.

    • An LLC (Limited Liability Company) generally needs an EIN, especially if the business has employees or if it is required for tax purposes.

    • If you are uncertain about whether your business needs an EIN, we recommend reviewing the IRS EIN Assistant or speaking with a tax professional.

If you don't yet have an EIN, you may be able to open an account with just your Social Security Number (SSN), depending on your business structure. However, for most business types, an EIN is required.

2. Personal and Business Identification

You’ll need to present proof of identification for both you (the business owner) and your business. Here’s what to bring:

  • Personal Identification: A government-issued ID, such as a driver’s license or passport.

  • Business Identification:

    • Sole Proprietor: Provide your Social Security Number (SSN). If your business operates under a DBA (Doing Business As) or assumed name, be sure to bring documentation showing the business name(s).

    • Limited Liability Company (LLC): You’ll need to present your EIN and business registration documents. If you are the sole owner, your name should typically be listed on the registration.

    • Limited Liability Partnership (LLP): You’ll need to provide the partnership agreement, which includes the names of all partners and the business name.

    • Corporations: If your business is incorporated, be ready to present the Articles of Incorporation and your EIN.

3. Additional Business Documentation

In some cases, your business may be required to provide additional documentation depending on its legal structure:

  • Operating Agreement (for LLCs) or Partnership Agreement (for LLPs)

  • Business License (if applicable in your state or municipality)

  • Articles of Incorporation (for corporations)

  • Board of Directors Minutes  (for foundation accounts)

  • Fictitious Business Name Registration (if applicable for DBA or assumed names) 

Be sure to confirm with a Thinkwise Credit Union Business Services Representative which specific documents are needed for your business type when you apply to open your account.