How to open a Brokerage Acct for an LLC
Summary:
- The main problem reported by the user is the desire to open a brokerage account for their LLC with Fidelity.
- Fidelity suggested considering the Fidelity Account for Businesses, which is suitable for legal/professional corporation purposes.
- Key features of the Fidelity Account for Businesses include checkwriting, bank wire, Electronic Funds Transfer (EFT), and direct deposit, although it does not offer a debit card.
- To open the account, the user must download the application, as it cannot be opened online, and certain cash management features need to be applied for directly on the application.
- Fidelity also mentioned an investment-only retirement account for small businesses that could be an option for expanding investment offerings.
Here’s the full thread
Hello, I currently have several accts with Fidelity and now my business partners and I would like to open a brokerage acct for our LLC. How would we go about opening this acct? Thanks!
Welcome, @the Bearded Marauder! I’ll be happy to answer your question for opening a brokerage account for an LLC.
The Fidelity Account for Businesses is intended for legal/professional corporation purposes. If you’re looking to invest business money or simply park cash intended for future business use, then this account may be a good choice to consider.
Let’s touch on some of the features included with the Fidelity Account for Businesses. So that you know, this account doesn’t offer a debit card. However, the account does offer several cash management features intended for money movement. These features include checkwriting, bank wire, Electronic Funds Transfer (EFT), direct deposit and more.
If you do decide to open a business account, you can download the application at the link below. Note, this account is not available for online opening, and certain cash management features must be applied for directly on the account application.
The Fidelity Account for Businesses: https://www.fidelity.com/open-account/fidelity-account-for-businesses
We also offer an investment-only retirement account is a brokerage account for small businesses that have qualified plans would like to expand the investment options to include offerings from Fidelity. You can read more below.
Investment-only retirement accounts for small businesses: https://www.fidelity.com/retirement-ira/small-business/investment-only-plans
You can explore all our account offerings here: https://www.fidelity.com/open-account/all-accounts
If you have further questions, please let us know. We’re happy to help you out. 🟢
Thank you!
We’re glad we could help!🟢
Hi @FidelityJames, does fidelity help generate K-1s at the end of the year for the LLC members?
Hey!
We do not provide a copy of the K-1 online because it is not a tax form Fidelity creates or issues. These are provided directly to shareholders by the partnership.
The Schedule K-1 is an IRS tax form issued annually for an investment in a partnership, such as a Master Limited Partnership (MLP). The purpose of the Form is to report each partner’s share of the partnership’s earnings, losses, deductions, and credits. The IRS requires partnerships to mail K-1s by March 15 or by September 15 if an extension is granted.
Please let us know if you have any further questions. We are happy to help! 🟢