Business Account Application: Before You Begin
Already a Business Member?
Existing Business members looking to open additional accounts under their business can apply below. Please keep in mind, all business signers that will be added to new business accounts will need to be added to the application and must sign the applicable account forms. You will not be required to supply your business documentation that was required when initially starting your business membership; unless your business EIN, structure or name have changed.
Business Membership Eligibility
The business must qualify through Ideal’s field of membership or via $5.00 donation to the John Miller Scholarship Fund.
- Membership qualification is based on the business’s physical office location, not the owner’s qualification as an individual.
- All signers & owners must present valid ID.
Note: If the business is established outside of our field of membership, they may donate $5.00 to the John D. Miller Scholarship fund. If the filings are from outside MN or WI, a Certificate of Authority to Transact Business in MN/WI is required.
Select Your Business Type Below to Continue
When opening a new deposit account for a business, the required documents can vary depending on the type of business entity. Below are detailed lists outlining the specific documents needed for different types of businesses.
Sole Proprietorship
A sole proprietorship is a business owned and operated by a single individual. It is the simplest and most common form of business structure.
Required Documents
- SSN or EIN
Note: You may not use your SSN if your business has any employees.
- Valid Photo ID for All Applicants
- Certificate of Assumed Name (MN)*
Note: Not required if using your full legal name as part of the business name. - Sole Proprietors in WI are not required to file
When applying for a business account, you’ll choose between two key roles:
- Responsible Party: This role has full authority to manage the account, including updating business membership information, adding or removing signers, opening or closing accounts, performing transactions and accessing account details.
- Authorized Signer: This role is limited to performing transactions and accessing account information, without the broader management powers of the Responsible Party.
Consider these roles carefully based on the level of control you want each individual to have over the account.
Note: If the business is using your SSN, only you can be the responsible party. Up to two additional Authorized Signers can still be added.
*Certificate of Assumed Name ‘D.B.A’ – This will be needed if:
A person is conducting business under a business name that does not contain their true, full legal name.
Example (Sole Prop): Samuel Johnson Painting (not required) vs. Sammy Johnson Painting (required)
A business is conducting business under a name other than their legally filed business name.
Example: Best Burger, LLC – ‘Doing Business As’ – Hilltop Cafe (Requires Articles of Org. & Cert of Assumed Name)
Certificate of Assumed Name is not needed for an informal Club, Association or Organization that is not required to file with the Secretary of State.
Limited Liability Company - LLC
An LLC is a hybrid business structure that combines the limited liability protection of a corporation with the potential tax benefits and operational flexibility of a partnership or sole proprietorship.
Required Documents
- SSN or EIN
Note: You may not use your SSN if your business has any employees.
- Valid Photo ID for All Applicants
- Articles of Organization
- Certificate of Assumed Name, if applicable*
- Operating Agreement, if available
When applying for a business account, you’ll choose between two key roles:
- Responsible Party: This role has full authority to manage the account, including updating business membership information, adding or removing signers, opening or closing accounts, performing transactions and accessing account details.
- Authorized Signer: This role is limited to performing transactions and accessing account information, without the broader management powers of the Responsible Party.
Consider these roles carefully based on the level of control you want each individual to have over the account.
Note: If the business is using your SSN, only you can be the responsible party. Up to two additional Authorized Signers can still be added.
*Certificate of Assumed Name ‘D.B.A’ – This will be needed if:
A person is conducting business under a business name that does not contain their true, full legal name.
Example (Sole Prop): Samuel Johnson Painting (not required) vs. Sammy Johnson Painting (required)
A business is conducting business under a name other than their legally filed business name.
Example: Best Burger, LLC – ‘Doing Business As’ – Hilltop Cafe (Requires Articles of Org. & Cert of Assumed Name)
Certificate of Assumed Name is not needed for an informal Club, Association or Organization that is not required to file with the Secretary of State.
Non-Profit Organization
A non-profit organization is a type of business that operates for a charitable, educational, scientific, religious or public service purpose rather than for profit.
Required Documents
- EIN or Articles of Organization
- Valid Photo ID for All Applicants
- Copy of Organization Charter or By-Laws
- Certificate of Assumed Name, if applicable*
When applying for a business account, you’ll choose between two key roles:
- Responsible Party: This role has full authority to manage the account, including updating business membership information, adding or removing signers, opening or closing accounts, performing transactions and accessing account details.
- Authorized Signer: This role is limited to performing transactions and accessing account information, without the broader management powers of the Responsible Party.
Consider these roles carefully based on the level of control you want each individual to have over the account.
*Certificate of Assumed Name ‘D.B.A’ – This will be needed if:
A person is conducting business under a business name that does not contain their true, full legal name.
Example (Sole Prop): Samuel Johnson Painting (not required) vs. Sammy Johnson Painting (required)
A business is conducting business under a name other than their legally filed business name.
Example: Best Burger, LLC – ‘Doing Business As’ – Hilltop Cafe (Requires Articles of Org. & Cert of Assumed Name)
Certificate of Assumed Name is not needed for an informal Club, Association or Organization that is not required to file with the Secretary of State.
Association, Organization or Club
An association, organization or club is a group of individuals who come together for a common purpose or interest. This can include social, recreational, professional or advocacy groups.
Required Documents
- SSN or EIN
Note: You may not use your SSN if your business has any employees.
- Valid Photo ID for All Applicants
- Copy of Organization Charter or By-Laws
- Informal Club or Organization: Using individual’s SSN, no filing required from Secretary of State
- Formal Club or Organization: EIN or Articles of Organization
- Certificate of Assumed Name, if applicable*
When applying for a business account, you’ll choose between two key roles:
- Responsible Party: This role has full authority to manage the account, including updating business membership information, adding or removing signers, opening or closing accounts, performing transactions and accessing account details.
- Authorized Signer: This role is limited to performing transactions and accessing account information, without the broader management powers of the Responsible Party.
Consider these roles carefully based on the level of control you want each individual to have over the account.
Note: If the business is using your SSN, only you can be the responsible party. Up to two additional Authorized Signers can still be added.
*Certificate of Assumed Name ‘D.B.A’ – This will be needed if:
A person is conducting business under a business name that does not contain their true, full legal name.
Example (Sole Prop): Samuel Johnson Painting (not required) vs. Sammy Johnson Painting (required)
A business is conducting business under a name other than their legally filed business name.
Example: Best Burger, LLC – ‘Doing Business As’ – Hilltop Cafe (Requires Articles of Org. & Cert of Assumed Name)
Certificate of Assumed Name is not needed for an informal Club, Association or Organization that is not required to file with the Secretary of State.
Partnerships: General, Limited Liability or Limited
Partnerships involve two or more owners and come in three types: General Partnerships, where all partners share management; Limited Partnerships, with general partners managing the business, while limited partners invest; and Limited Liability Partnerships, offering limited liability to all partners.
Required Documents
- EIN
- Valid Photo ID for All Applicants
- General Partnership:
- Certificate of Assumed Name, or
- Partnership Agreement
- Limited Liability or Limited Partnership:
- Copy of the signed Partnership Agreement
- Statement of Qualification from the Secretary of State
- Certificate of Assumed Name, if applicable*
When applying for a business account, you’ll choose between two key roles:
- Responsible Party: This role has full authority to manage the account, including updating business membership information, adding or removing signers, opening or closing accounts, performing transactions and accessing account details.
- Authorized Signer: This role is limited to performing transactions and accessing account information, without the broader management powers of the Responsible Party.
Consider these roles carefully based on the level of control you want each individual to have over the account.
*Certificate of Assumed Name ‘D.B.A’ – This will be needed if:
A person is conducting business under a business name that does not contain their true, full legal name.
Example (Sole Prop): Samuel Johnson Painting (not required) vs. Sammy Johnson Painting (required)
A business is conducting business under a name other than their legally filed business name.
Example: Best Burger, LLC – ‘Doing Business As’ – Hilltop Cafe (Requires Articles of Org. & Cert of Assumed Name)
Certificate of Assumed Name is not needed for an informal Club, Association or Organization that is not required to file with the Secretary of State.
Corporations: Profit or Non-Profit
Corporations are separate legal entities. Profit Corporations distribute earnings as dividends to shareholders, with liability limited to their investment. Non-Profit Corporations focus on charitable, educational or religious missions, reinvesting profits into their activities.
Required Documents
- Articles of Incorporation
- Valid Photo ID for All Applicants
- Certificate of Assumed Name, if applicable*
When applying for a business account, you’ll choose between two key roles:
- Responsible Party: This role has full authority to manage the account, including updating business membership information, adding or removing signers, opening or closing accounts, performing transactions and accessing account details.
- Authorized Signer: This role is limited to performing transactions and accessing account information, without the broader management powers of the Responsible Party.
Consider these roles carefully based on the level of control you want each individual to have over the account.
*Certificate of Assumed Name ‘D.B.A’ – This will be needed if:
A person is conducting business under a business name that does not contain their true, full legal name.
Example (Sole Prop): Samuel Johnson Painting (not required) vs. Sammy Johnson Painting (required)
A business is conducting business under a name other than their legally filed business name.
Example: Best Burger, LLC – ‘Doing Business As’ – Hilltop Cafe (Requires Articles of Org. & Cert of Assumed Name)
Certificate of Assumed Name is not needed for an informal Club, Association or Organization that is not required to file with the Secretary of State.
Open Your Account Online
Get started today, it's quick and easy to complete everything online. If you have questions or need personalized assistance, don't hesitate to contact Josh Anderson, our Senior Business Relationship Specialist. Get started today and begin living your ideal life with the right business accounts.
