You should have a separate bank account for your business. If you are a sole proprietor, then you can get by with a separate personal account. Any of the other entities, corporation, S corporation and partnership will need a business bank account and a Federal ID number or EIN. A sole proprietor will need an EIN if the sole proprietor is hiring employees or must issue any 1099 forms. You can apply on-line for an EIN at the IRS website, www.irs.gov.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.