As a general rule, a Tax ID or Employer Identification Number (EIN) cannot be transferred when there has been a change of business structure or ownership. If the business merely changes its name or moves to a new location, it may retain the EIN but must notify the taxing authorities of the name change.

You cannot cancel your EIN, however, you can close your account with the IRS. You’ll need to send a letter to the IRS office and explain the reason you want to close your tax account. You’ll need to include important details about your business, such as the corporation name, structure, address and EIN.

You can still use the EIN at a later date if necessary, as it will always belong to that business. The number simply becomes “inactive.” You can write to the IRS to close your account.

How to Close an Inactive Business

1. Dissolve the Legal Entity (LLC or Corporation) with the State. An LLC or Corporation needs to be officially dissolved.
2. Pay Any Outstanding Bills.
3. Cancel Any Business Licenses or Permits.
4. File Your Final Federal and State Tax Returns.

Minimum deposits can be as low as $25 for a bare-bones business bank account, though this comes with certain requirements like keeping a daily balance of $1500. Some banks even offer no minimum deposits and no minimum balance.

The first thing you’ll need is an employer identification number — also called an EIN, FEIN or tax identification number. The IRS issues and manages your EIN. If you haven’t filed for a tax ID number, you may still be able to open a business bank account with your personal Social Security number.

Pros

1. No minimum opening deposit.
2. Unlimited electronic deposits.
3. Opportunity to earn $300 sign-up bonus.
4. Access to 16,000 Chase ATMs and 4,700 branches across the U.S.
5. Online banking and bill pay; mobile banking with integrated credit card processing.

You can’t open a Chase Business Checking account online. You have to walk into a Chase branch and apply with a banker. Needless to say, this takes time and rules out business owners who don’t live or work within easy reach of Chase branches.

Chase checking accounts

What do I need to open a bank account?

1. At least two forms of government-issued photo identification, such as a valid driver’s license or passport.
2. Social security number or individual taxpayer identification number.
3. Utility bill with current address information.

According to the most recent Federal Reserve data, the top 10 retail banks in the U.S. by assets are:

• Chase Bank.
• Bank of America.
• Wells Fargo.
• Citibank.
• U.S. Bank.
• Truist Bank.
• PNC Bank.
• TD Bank.