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Small Business Essentials

Learn the basics of managing a small business.

Illustration of small business and financial charts.
Developing a Business Plan Learn about the components of a business plan and how to create one that communicates your business’ financial future and health. 5 min Start
Small Business Banking Services Learn about the services financial institutions provide to support small businesses. 5 min Start
Small Business Financial Statements Learn about the three most important financial statements: balance sheets, profit and loss statements, and cash flow reports. 5 min Start
How Businesses Use Credit Learn about the different types of credit that can support your business operations. 4 min Start
How Businesses Obtain Credit Learn what’s needed to obtain credit, so that you’re better prepared when you’re ready to apply. 4 min Start
Financial Wellbeing for Entrepreneurs Learn more about the financial basics of entrepreneurship. 10 min Start

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Illustration of open sign in front of increasing charts. Growing Your Small Business Take your business to the next level with these growth tips. 5 Topics Start Learning
Illustration of buildings and houses. Financial Caregiving Learn what you should know about handling another person’s finances. 6 Topics Start Learning

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Business Spotlight: Elizabethtown Baptist Church Video Business Spotlight: Elizabethtown Baptist Church Located in Bladen County, NC, sits the majestic Elizabethtown Baptist Church. The church plays a major role in the Elizabethtown community and that was never more apparent than in the aftermath of a devastating tornado. 1 min read
What is Required to Open a Business Checking Account? It’s standard for a business to have a business checking account. After all, a business needs to handle cash and pay bills. If you’re just starting a business, or even if you’re moving your business bank account to a new institution, you’ll need to show several pieces of documentation. So what is required to open a business checking account? The answer to that question is pretty similar from one bank to another. What You Will Need to Open a Business Checking Account Identifying Documents Confirmation of identity is required to open a business checking account. Bring along a government issued picture ID (e.g. driver’s license, passport) to corroborate your identity with your business’ registered information. Business Licenses Whether you are an LLC or an individual proprietor, bank officials will typically need to see your current business license. Legal Incorporation Documents According to Business News Daily, it is essential to bring along state-filed articles of incorporation in order to open a business checking account. If a business has numerous owners or operates on a board-advisory basis, the bank will require documentation granting the account opener the right to access funds and transactions. DBA Name Registration If you are DBA, doing business as a fictitious name, the law requires you to register that name with the state. Photocopy and keep this registration for your records, as you will need it to get started with business banking. Tax Identification Number Your business’ employment identification number, also known as the tax identification number, is a key tool for tax management and paying employees. Make sure to bring this to your business banking appointment. If you are a sole proprietor, you can use your own social security number for business tax purposes. These are the documents typically required to open a business checking account, though requirements may vary by state. However, by contacting your bank, you can easily determine what you need to have on hand to open your company’s checking account. Open Your Business Banking Account at First Bank When you choose to open a business checking account at First Bank*, you’ll be rewarded with a number of features and perks, including: Free online and mobile banking** Comprehensive bill pay capabilities An option to 3 min read
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