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Yes - the IRS may and most likely will levy on your bank account even if it is opened under the name and tax ID of your business.
To avoid levies - you need to set an installment agreement with the IRS and keep it current.
To request an installment agreement - you should send Form 9465, Installment Agreement Request. You will be charged a onetime user fee of $105.00.
The IRS has a different procedure if you have more than $25,000 in combined tax, penalties, and interest may still qualify for an installment agreement, but a Collection Information Statement, Form 433F may need to be completed.
In most cases, the IRS will not accept an OIC unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential (RCP). The RCP is how the IRS measures the taxpayer’s ability to pay and includes the value that can be realized from the taxpayer’s assets, such as real property, automobiles, bank accounts, and other property. The RCP also includes anticipated future income, less certain amounts allowed for basic living expenses.
Negotiation of an Installment Agreement or an offer in compromise is often difficult and requires substantial knowledge about IRS guidelines and regulations - and most likely you need someone to represent you with the IRS.
I suggest contacting a local CPA or Enrolled Agent and he/she will evaluate your situation and estimate a reasonable offer.
Let me know if you need any help or clarification.