Individual
There is only one beneficial owner. Only one person under one Social Security number can control the investments within the account and request distributions of cash or securities from the account. |
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Joint (Tenants in Common)
Stipulates that a deceased tenant’s fractional interest in the account is retained by that tenant’s estate and is not passed on to the surviving tenant(s), if any. |
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Joint (Rights of Survivorship)
Stipulates that a deceased tenant's interest in the account passes on to the surviving tenant(s), if any. |
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Trust Account
A fiduciary relationship in which a person (the trustee) holds the title to property for benefit of another party(s). |
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Corporate
Is held in the legal name of a corporation. The corporate agreement, signed when the account is opened, specifies which officers are authorized to trade in the account. This form must be completed in full, including the names of the president, vice president, treasurer and secretary. If one person makes up the entire corporation, that person is to sign for all positions. |
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General Partnership and Limited Partnership
The general partnership and limited partnership are very similar. The general partnership is an association of two or more entities formed to conduct a business jointly. The general partners are jointly and severally liable for the partnership's liabilities. The limited partnership is an association of two or more partners formed to conduct a business jointly and in which one or more of the partners is liable only to the extent of the amount of money they have invested. |
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Limited Liability Corporation (LLC)
A business structure that encompasses a hybrid of corporate and partnership attributes. A LLC provides protection from personal liabilities like a corporation with the tax advantages of a partnership. |
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Sole Proprietorship
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. |
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IRA
A retirement investing tool for employed individuals that currently allows an annual contribution of 100% of earned income up to a maximum of $5,000 for those under 50, and $6,000 for those over 50. Both Roth and traditional IRAs are available. Some or all of the contribution may be deductible from current taxes, depending on the individual's adjusted gross income and the coverage by the employer-sponsored qualified retirement plans. |
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Investment Club Cash Account
An investment club is a group of like-minded people, interested in investing in the stock market. They agree to a few basic investing goals and principles. The name of the partnership must be provided. The trader for the account and the attorney-in-fact for the partnership must sign the form. |
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Check Writing
A distinct account providing the ability to withdraw funds through personal checks. A Terra Nova check writing account does not commingle funds with a Terra Nova trading account. |
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