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Brokerage Partnership & Limited Partnership Accounts (2021)


Review of Brokerage Limited Partnership and Partnership accounts pros and cons, account fees, rating, minimum, investing options and commissions.



Partnership Accounts at Brokerage


Does your business operate as a partnership? Did you know you can open a brokerage account strictly for the business? Firstrade offers partnership accounts, and we’re going to show you everything you need to know to get an account open and ready for investing.


Overview of Partnerships


A partnership is a business owned by two or more persons. It’s similar to a sole proprietorship in many ways. Both are taxed as pass-through entities. The business itself does not file a tax return, and you don’t have to file any paperwork to create a partnership. And both types of business structures come with unlimited legal liability for debts. Not only can partners be sued, they can sue each other.

Although a partnership doesn’t pay any taxes, it is nevertheless required to file Form 1065 with the IRS annually.


Opening a Partnership Account at Firstrade


A partnership account at Firstrade requires more red tape to cut through than a regular brokerage account. Nevertheless, the brokerage firm simplifies the process by providing one packet of forms in a single pdf file.

To find this packet, you’ll want to start by clicking here, then clicking on the orange “Open an Account” button.

Once you find this, click on it and you’ll be asked for your e-mail address. Type this in and you’ll receive a security code at your e-mail. Enter this on the broker’s site and you’ll see a list of account types.


Firstrade Partnership Account


Retirement and regular brokerage accounts can be opened online. Partnerships and other account types aren’t so lucky. To open a partnership account, you’ll need to use the pdf file for partnerships, fill out the paperwork, and then send the completed documents back to Firstrade.

The pdf forms are fillable forms. This means you can simply type in the answers and then print them off. You don’t have to handwrite anything. In fact, you can save the entire file after you’ve filled in all the necessary forms and send it back to Firstrade (service@firstrade.com).


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Account Requirements


Firstrade charges $100 to open a partnership account. The brokerage house also requires an opening deposit of $500.


Benefits of Choosing Firstrade


Although the opening fee is a little disappointing, Firstrade has a great pricing schedule on trades. There are no commissions for buying or selling stocks, options, ETFs, closed-end funds, or mutual funds.

For software, Firstrade offers a mobile app, compatible with Android and Apple devices. Orders can be submitted using the software. The broker’s website has a user-friendly trade ticket that can be used to easily place trades and even do a little security analysis. The website can do much more of the latter function. It has screeners for all securities offered, including a very advanced options platform.


Other Business Accounts at Firstrade


The partnership account is only one type of business account available at Firstrade. The broker-dealer also provides corporate accounts, both in margin and cash varieties. Sole props can open a brokerage account designed specifically for them, and so can LLC’s.


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Get 2 FREE stocks and $0 commission in ALL trades!

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