Launching in the US? Get your EIN, open a US business bank account, and complete equity issuance fast. This guide clarifies how the IRS tax ID, Stripe Atlas dashboard, and partners like Mercury and Silicon Valley Bank (SVB) fit together so you can accept payments on Stripe, separate expenses, and stay compliant.
Why is an EIN required for US business banking?
The IRS creates your company’s tax ID (EIN). Banking providers generally require this number on the application to open a US business bank account and to accept payments on Stripe. Getting the account early is smart: it helps you separate business and personal expenses and lets you deposit funds when you fundraise from investors.
What documents do banking providers request?
- Key company information and documents.
- The IRS tax ID (EIN) as an input on the application form.
- Files generated by Stripe Atlas during company formation, available to download in your Stripe dashboard.
Which banking partners can you use?
- Use partner links in the Stripe Atlas dashboard for Mercury and Silicon Valley Bank (SVB).
- You can also choose your own provider.
- Keep in mind: you will need the IRS tax ID when you apply.
How do you complete equity issuance steps?
Equity setup has three clear steps you can handle from the Stripe Atlas dashboard and with the IRS. Following them helps maintain clean records from day one.
What are the three steps for equity issuance?
- Sign your stock issuance docs (available in your Stripe Atlas dashboard).
- Purchase your shares and keep a record of the transaction.
- Mail your 83(b) Election Letter to the IRS.
What taxes apply from day one?
You will owe taxes for every year your business exists. This is true regardless of $0 revenue or how many days in the year the business was active.
- Taxes are owed annually while the company exists.
- No exception for zero revenue or partial-year existence.
What vocabulary should you remember for US business banking and taxes?
- IRS: government entity that handles tax collection. Example: “After the IRS has created the tax ID.”
- EIN (tax ID): identification number for your company created by the IRS. Example: “Otherwise known as the EIN for the company.”
- US business bank account: the account you open to separate business and personal expenses and to deposit investor funds. Example: “Allows you to organize your business expenses and your personal expenses separately.”
- Stripe: payment platform that requires a bank account to accept payments. Example: “Open a business bank account and accept payments on Stripe.”
- Stripe Atlas dashboard: where you access company documents and banking partner links. Example: “Access and download those documents on your Stripe dashboard.”
- Mercury and Silicon Valley Bank (SVB): banking partner providers you can sign up with via Stripe Atlas links.
- Equity issuance: the three-step process to formalize ownership. Example: sign docs, purchase shares, mail the 83(b) letter.
- 83(b) Election Letter: a letter you mail to the IRS after purchasing shares.
- Fundraise: raise money from investors and deposit funds into your business account.
- Application form: bank’s form where you provide your EIN and key company information.
Have a question about opening accounts, sending the 83(b), or annual taxes? Share your situation and what step you’re on so we can help.
