How to Open a Bank Account for a Partnership
When opening a bank account for a partnership, the bank account will function very much like a business joint account. You and your partner (or partners) will meet with a commercial banking specialist. They will need information from every partner about their identity and will likely check both their credit and their banking history. They will then choose to either approve or deny you for a bank account.
It’s important to know that all partners have equal rights to a bank account. Any partner can simply empty out the bank account if desired. The bankers themselves cannot police this, so even a partner with 5% stake in the company will be able to have full financial access if signing rights are given.
The bank account can be constructed solely as a joint account, but it’s generally better to consolidate it under the partnership’s own EIN. Each partner will be a signer for the account, but the account will be a shared commercial account.