- MBT World
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 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.
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.
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 for domestic accounts directly with IRA Custodian, Milllennium Trust Company for a fee. Please check their website at www.mtrustcompany.com for their current fee schedule.