Putting my current brokerage account under an LLC
Here’s a summary of the main issue and solutions discussed in the conversation:
- Main Problem: The user wants to know how to transfer their current Fidelity brokerage account into an LLC they have formed.
- Solution: The user must establish a new Fidelity account for the LLC if they are using a different SSN or TIN for tax reporting.
- Asset Transfer: While assets can be transferred to the new account, the transaction history from the old account will not be transferred; only a line item will reflect the transfer.
- Access to Past Transactions: The user can access past transactions through statements and tax forms available online for up to ten years, and they should download necessary documents before the transfer.
Overall, the user received guidance on the account setup process and how to manage their transaction history during the transition.
Here’s the full thread
What’s the process of putting my current Fidelity brokerage account under an LLC that I have formed
Good afternoon and welcome, @raddoc. Nobody is happier you’re considering Fidelity for your business account needs than we are.
When using a different SSN or TIN for tax reporting, you must establish a new account. You can read more about our Fidelity Account for Businesses below.
Fidelity Account for Businesses: https://www.fidelity.com/open-account/fidelity-account-for-businesses
Once your business account is established, assets from other accounts may be eligible to transfer to fund your new account. When it comes to transferring from one Fidelity account to another, there may be online limitations based on ownership, in which case, you may need to contact a member of our service team by phone to complete a transfer.
Contact Us: https://www.fidelity.com/customer-service/contact-us
Please let us know what else we can answer for you here. 🟢
If my current brokerage account is transferable, will all the transactions in the past that are currently on that account also transfer into the new account? Deposits, withdrawals, etc. Basically, the account history.
Hi, @raddoc.
While you may be eligible to transfer assets between accounts, the account history, such as previous transactions, will not transfer and show in the history of the new account. Instead, you will see a line item showing the assets were moved from one account into another account. 🟢
Will I still be able to access all those transactions like in a file of some type showing dates and transaction amounts?
Thanks for following up, @raddoc.
You’ll still be able to access that information by reviewing your statements and tax forms. The last seven years of Fidelity-generated tax forms and ten years of account statements are available online. These documents can be found by clicking the “Accounts & Trade” tab and choosing “Documents.”
Now, if you choose to close the account entirely, inactive and closed retail brokerage accounts are annually purged from the system in May, after having a zero balance for the current and prior year-to-date file. Once an account has been purged, it can no longer be viewed on our website.
That said, we suggest downloading and saving the documents you need prior to the transfer. However, you can also reach out to our customer service team to request statements generated in the last ten years.
Fidelity Contact Information: https://www.fidelity.com/customer-service/contact-us
Please let us know if you have any additional questions! 🟢
Perfect. Thank you for your time
That’s what we’re here for! 🟢