Limited
Liability Company Accounts
What is a Limited Liability
Company brokerage account?
A Limited Liability Company brokerage account is one that is
set up by a Limited Liability Company. This type of company
is not a corporation. It is owned by members who have limited
liabiltiy. An LLC account will have its own Fed ID #.
I want to open a Limited
Liability Company brokeage account with your firm. At what
point should I send in the completed account opening documentation?
You will first need to make contact with a broker here and
discuss the details of your transaction. If our compliance
department approves your transaction, you can then proceed to fax or
email in the account opening documentation. If you will be
depositing shares, you will first want to complete an
Equity Deposit Questionnaire
(EDQ)
or the Quick
Facts Questionnaire (QFQ). See
Guidelines for Depositing OTC Securities.
What forms are required to open
an Limited
Liability Company brokeage
account?
- The New Account Approval Form, Customer Account Agreement, Limited Liabillity Company Authorization, Initial Privacy Notice, & Receipt of Documentation.
- If opening this account as a Margin account, then substitute the Customer Account, Margin & Short Account Agreement for the Customer Account Agreement,
- Each authorized member or manager will need to complete a Customer Identification Addendum, as well as submit an unexpired government issued identification. Government-issued identification includes driver's licenses, state identification cards and/or passports.
- In addition to these forms, we will need the documentation you used to set up the corporation (i.e. Articles of Association, Operating Agreement, etc.). We will need documentation from the state or province in which you set up the LLC, confirming when it was formed and that it is still active.
Do you need the original
documentation?
You can fax us or scan into an email the required documentation.
The only instance for which we require original documentation
is in the case of the W-8BEN for a foreign company.
Do you open accounts for
corporations in Canada?
If the authorized account holder is living in Canada, but the company
was formed in the United States and will receive its mail in the United
States, then we can proceed to open the account. We are
unable to open accounts for Canadian companies.
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