We are not aware of any laws or regulations that would prevent you from opening a joint checking account owned by two businesses. The Illinois Joint Tenancy Act provides that two or more persons may enter into a joint deposit account. 765 ILCS 1005/2(a). The Illinois Statute on Statutes defines the term “person” to include both individuals and business entities, as follows: “‘person’ or ‘persons’ as well as all words referring to or importing persons, may extend and be applied to bodies politic and corporate as well as individuals.” 5 ILCS 70/1.05.

We do recommend obtaining EINs from all of the account’s owners. The CIP regulations require financial institutions to collect the following information from every customer: (1) name, (2) address (principal place of business, local office, or other physical location), and (3) taxpayer identification number. 31 CFR 1020.220(a)(2). In addition, FFIEC’s BSA/AML Examination Manual recommends that you obtain “articles of incorporation, a corporate resolution by the directors authorizing the opening of the account, or the appointment of a person to act as a signatory for the entity on the account” for all business accounts. Business Entities (Domestic and Foreign)—Overview.