A new partnership finishes this task with three things: a federal Employer Identification Number, a business account that holds no personal money, and a ledger that records each partner's capital from the first deposit. The EIN costs nothing and arrives within minutes. The bank visit is where things stall, usually over a single figure: the bank must identify every owner holding 25% or more, and the percentages it is given have to match the partnership agreement exactly.

That match is worth getting right before anyone drives to a branch. Fixing a mismatch takes a second visit at best. At worst it puts a contradiction on record that comes back in a dispute between the partners.

What to bring

  • EIN confirmation letter

    The IRS CP 575 notice, or Letter 147C if the original is lost. Banks generally want the letter itself, not just the number.

  • Signed partnership agreement

    Chase accepts a standard written agreement for a general partnership. Limited partnerships, LLPs and LLLPs need a certified copy.

  • Certificate of limited partnership (LPs only)

    Filed with the state. Chase also asks for a certificate of good standing if the entity was registered more than a year ago.

  • DBA or assumed name certificate

    Only if the partnership trades under a name other than its legal one.

  • Two forms of ID per partner

    At least one government-issued: a driver's license, state ID or passport.

  • Each owner's details

    Full legal name, address, date of birth, SSN or ITIN, and ownership percentage.

  • Proof of business address and any required license

    Banks differ on these, so call ahead.

The steps

  1. Apply for the EIN on irs.gov

    The SBA lists partnerships among the businesses that must have one. Apply only through the IRS site. The SBA's warning is blunt: "Do not apply for an EIN on websites that charge a fee." It has worked when the number appears on screen and the CP 575 can be downloaded.

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  2. Compare the names

    Put the CP 575, the agreement and any state filing side by side. The legal name has to read the same on all three, character for character. It has worked when nothing differs, down to the punctuation and the "LP" or "LLP" suffix.

  3. Confirm the ownership table

    Write down each partner's percentage as the agreement states it. Those are the figures the bank will record. It has worked when the percentages add to 100 and match the agreement word for word.

  4. Call the chosen bank

    Ask for its document list for the partnership's exact structure, and whether the account can be opened online. At Chase it cannot: partnerships must be opened in a branch. It has worked when there is a written list and a booked appointment.

  5. Bring every general partner

    Chase and Ion Bank require all general partners to attend. At Chase, a signer who cannot come can be pre-authorized but has 30 days to appear with two forms of ID. It has worked when the bank officer has every partner's identification.

  6. Open the accounts the business will use

    The SBA names four common types: checking, savings, a business credit card and merchant services. A credit card application at Chase triggers extra information for anyone holding 25% or more. It has worked when the account number is issued and the partnership's money goes in, not a partner's personal funds.

  7. Set up one capital account per partner in the books

    Before the first contribution is deposited, create a separate equity line for each partner. Record each contribution under the right name on the day it arrives. It has worked when the bank balance can be traced, line by line, to whoever put the money in.

The ledger is what makes the bank account useful at tax time. Each partner's share of income, losses and capital is reported on the Form 1065 and its K-1s, and both draw on books that were kept separate from the start.

Where it goes wrong

The name on the EIN letter differs from the formation papers. Find out which one is wrong. If it is the agreement, amend it. If it is the IRS record, ask the IRS for a corrected letter, then reschedule.

Because these are two separate rules. FinCEN's final rule, effective August 14, 2026, exempts U.S. partnerships from filing BOI reports with FinCEN. As the ICBA points out, that rule does not remove the bank's own duty to collect owner information under the 2016 Customer Due Diligence Rule. The bank's questions are lawful and will keep coming.

Ask whether that partner can be pre-authorized. At Chase the deadline is 30 days, with two forms of ID. Partners who miss it remain off the account.

The strongest objection to all this care is that the rules have just loosened. Since FinCEN's February 13, 2026 relief order (FIN-2026-R001), a bank may rely on ownership information it already holds when an existing customer opens a second account, as long as the customer confirms the information is still accurate. The objection is fair. But the relief is optional for banks, and it applies only to later accounts. The first account still gets full verification, and the figures given then are the ones every later account relies on.

Next

With the account open and a capital line for each partner, the books can now show who owns what, and that is the question a partnership is most likely to fight over. The next job is to read what those balances mean when partners contribute unequally, take draws or eventually leave.

What does each partner's balance mean?

Worked numbers on contributions, allocations and distributions in a partnership capital account.

Read the capital accounts page