A corporation is an independent legal entity under the law. It is authorized to do most of the things that an individual can do, including opening bank accounts. Although it is independent, a corporation must always designate a person to act on its behalf, and that person might not be the majority shareholder. For example, corporate bank accounts are typically opened by the treasurer of the board of directors. The treasurer brings the corporate resolution that authorizes him to open the account to the bank to complete the task.
A corporate bank account also typically has a list of authorized signers on the account, and these people may or may not be shareholders. Conversely, a regular business account is often closely tied to the business owners. In the case of a sole proprietorship, for example, the business bank account is actually a personal bank account using a business name, because a sole proprietorship is not an independent legal entity.
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