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Stocks: Account Types

Institutional

MBT Institutional, a division of MB Trading, provides various order routing and transactional services for Banks, Broker-Dealers, Market Makers, and Institutional clients worldwide.

Please click here to visit MBT Institutional's website.

Individual

In an individual account, there is only one beneficial owner, the only person who can control the investments within the account and request distributions of cash or securities from the account. There is only one person under one Social Security Number allowed.

Joint Tenants in Common (JTIC)

A joint account, in which, upon death of either participant, the survivor is granted only his or her pro rata portion of the account as established before the death of the other party. Ownership, normally 50% each, is specified later in the application process.

Joint Tenants with Rights of Survivorship (JTWROS)

A joint account, with which, in the case of death of one party, ownership is granted to the surviving party.

Trust

Trust accounts are opened under the legal name and date of the trust. "Revocable" Trusts are opened with a Social Security Number. "Irrevocable" Trusts require a Fed ID number.

Corporation or LLC (Limited Liability Companies)

Corporate accounts or LLCs are opened under the legal corporate name, along with a short description of the nature of the corporate business. The Articles of Incorporation Corporate Resolution (or a notarized copy of such) must be attached to the application when submitted.

Limited or General Partnership

Partnership accounts are registered in the name of the partnership. Principal partner personal information is collected. At least one person must be granted trading authorization. A Fed ID Number is required to open the account. A copy of the Partnership Agreement, name, address & phone number of beneficial persons that own 10% or more of the entity is required.

Sole Proprietorship

Sole Proprietorship accounts are opened under the name of the Sole Proprietorship and not a natural person's name. Sole Proprietorships are a form of business organization in which a single owner has total control over the business, makes all managerial decisions and is personally liable for all debts of the business. Proof of Sole Proprietorship is necessary to open this type of account.

Foreign Classification

This type of an account is reserved for applicants without a Social Security Number or Fed ID Number (i.e. non-US citizens). All account types above may be opened as Foreign. A form W-8BEN is provided. Joint Account applicants will receive two W-8BEN forms. All original paperwork must be signed and mailed to MB Trading before this type of account can be funded.

Custodial Accounts: UGMA/UTMA

An investment account created for the benefit of a minor. There are specific rules regarding custodial accounts, which require that the assets be governed by a custodian until the minor reaches the age of majority in their state of residence. Custodial accounts are not tax-deferred. Gains up to a certain amount will be taxed at the child's rate. Only available to US Citizens and Resident Aliens. For more details please consult a tax advisor or the IRS.

Individual Retirement Account (IRA)

Retirement accounts can only be opened as cash accounts, margin trading is not available for retirement accounts.

  1. Traditional IRAs are tax-deferred retirement accounts for individuals. Earnings are tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier with a 10% penalty). Contributions are limited to $4,000 per year and must cease before the age of 70 1/2. Distributions must begin April 1st of the year following the year in which the individual turns 70 1/2. Qualified individuals, such as those who do not participate in a pension plan with their employer or who do participate and meet income guidelines, can make deductible contributions to an IRA. All others can make contributions to an IRA on a non-deductible basis, in which the contributions can qualify as a deduction against income earned in that year.

  2. Educational IRAs are custodial accounts or trusts, exclusively for the purpose of paying the qualified higher-education expenses of the designated beneficiary. Education IRAs must accept contributions only in cash, and cannot accept contributions for a beneficiary after the beneficiary turns 18. In addition, the education IRA cannot accept contributions of more than $2,000 (except for rollover contributions) for any year. Only the designated grantor listed on the education IRA may make a contribution to the account.

  3. Roth IRAs allow non-deductible contributions. Withdrawals are tax-free if the account is held five or more years and the individual has attained age 59½. Withdrawals are also tax free if the individual has become disabled, or if the individual is purchasing a home for the first time, or if the account holder is deceased. There is no age limit in which contributions must cease, nor are mandated distributions required.

  4. SEP IRAs (Simplified Employee Pension Plan) are retirement plans for small businesses with any number of employees, available for sole proprietors, partnerships, corporations including S-corps, non-profits, and government agencies. SEP IRA plans must be established by due date of the return, including extensions, in order to contribute for the preceding year. Employers and Employees are eligible to make contributions into SEP IRA accounts. Contributions are flexible each year and are not mandatory. Contributions are 100% vested immediately and directed by employees within their individual SEP IRA account.