|
| |
| ..Age: |
- Must be 21 or older to open
a margin account.
- Must be 18 or older to open
a cash account.
Customers who wish to trade on behalf
of their children are encouraged to open a Friends and Family advisor
account and to create a trust client account for each child. |
| |
| ..Customer
Types: |
| Individual
Customer Type |
Available
Entities |
Available
Account Type |
Explanation |
Individual |
LLC, CA, UK |
• Individual
• Advisor
• Advisor Client
• Broker Client |
An account owned
and utilized by a single trader or investor. |
| Joint |
LLC,
CA, UK |
• Individual
• Advisor Client
• Broker Client |
An
account owned and utilized by two individuals. Depending on the
laws of your state of residence, there are three types of joint
accounts: Tenants with Rights of Survivorship, Tenancy in Common,
and Community Property. |
| Trust |
LLC, CA |
• Individual
• Advisor Client
• Broker Client |
An account in
which the securities are registered in the name of the trust,
while a trustee controls the management of the investments.
|
| IRA |
LLC |
• Individual
• Advisor Client
• Broker Client |
Individual
Retirement Account. Traditional, Roth, Simple Employment Plan
(SEP), or Direct Rollover IRA Sub-Types are available. This account
is only available for a US resident individual. |
| Organization
Customer Type |
Available
Entities |
Available
Account Type |
Explanation |
Corporate |
LLC,
CA, UK |
• Advisor
• Advisor Client
• Broker
• Broker Client
• Institution |
An account in
the name of a corporation, managed on the corporation’s
behalf by the corporation’s officers or authorized traders.
|
| Partnership |
LLC,
CA, UK |
• Advisor
• Advisor Client
• Broker
• Broker Client
• Institution |
An
account in the name of a partnership, managed on the partnership’s
behalf by the partnership’s officers or authorized traders.
|
Limited
Liability Company |
LLC |
• Advisor
• Advisor Client
• Broker
• Broker Client
• Institution |
An account in
the name of a limited liability company (“LLC”), managed
on the LLC’s behalf by its officers or authorized traders.
|
| Unincorporated
Business |
LLC,UK |
• Advisor
• Advisor Client
• Broker
• Broker Client
• Institution |
An
account in the name of an unincorporated business, managed on
the business' behalf by the business' officers or authorized traders.
|
|
| |
| ..IRA
Types: |
US resident customers
may open cash or margin Individual Retirement Accounts (IRA). IRA margin
accounts may never borrow, but are afforded all the other benefits of
a margin account such as the ability to day trade, and the ability to
trade multiple currencies and multiple currency products. IRA accounts
may be opened in any base currency, but when trading in a non-base currency
product (margin accounts only) a currency trade must first be executed
as you cannot borrow currencies. Customers are advised to consult a
tax specialist for further details on IRA rules and regulations. |
| |
| IRA
Type |
Explanation |
Traditional |
Tax-deferred
retirement account to which an individual taxpayer can contribute.
A spouse may also contribute, but must open a separate account.
Contributions are tax deductible to certain limitations. Earnings
are not taxed until you start withdrawing the money. Withdrawals
may not generally be made from an IRA prior to reaching age 59
1/2. If withdrawals are made prior to this time, the amount of
the withdrawal is subject to a 10% penalty tax in addition to
the normal tax liability. Distributions must begin by April 1
of the year following the year in which the employee turns 70.
Failure to withdraw the required amount results in a 50% tax penalty.
|
| Roth |
Retirement
account to which taxpayer can contribute. A spouse may also contribute,
but must open a separate account. Contributions are not tax deductible.
Earnings are tax-free. Withdrawals of original contribution are
tax-free. Investors may continue to contribute to their Roth IRA
beyond age 70. |
Simplified
Employee Pension (SEP) |
Plan in which
the employee and employer contributes to an IRA. SEPs are used
by small employers and self-employed individuals. Each individual
employee can set aside a percentage of his or her pre-taxed income
into the plan. Contributions are made by the employer (there are
no employee contributions). 100% immediate vesting of all plan
contributions. |
| Direct
Rollover |
Used by investors
when they are changing jobs or retiring. Allows the investor to
move assets from a 401K or other employee sponsored retirement
plan or an existing IRA without paying taxes or penalties. Employees
who contribute, transfer, or rollover IRA assets into this account,
may not later transfer this account back to a 401K or other employee
sponsored retirement plan. |
|
| |
| ..Contribution
Limits |
| Contribution
Year |
Roth,
Traditional, & Direct Rollover Contribution Limit
(Under Age 50) |
Roth,
Traditional, & Direct Rollover Contribution Limit
(Age 50 and over) |
Simplified
Employee Pension
(SEP- IRA) |
| |
Filing
Deadline 4/15 of following year |
Filing
Deadline 4/15 of following year |
Filing
Deadline 4/15 of following year |
2002 |
3,000 |
3,500 |
Max. 25% of
total Comp. $30,000 |
| 2003 |
3,000 |
3,500 |
Max.
25% of total Comp. $40,000 |
2004 |
3,000 |
3,500 |
Max. 25% of
total Comp. $41,000 |
| 2005 |
4,000 |
4,500 |
Max.
25% of total Comp. $42,000 |
2006 |
4,000 |
5,000 |
Max. 25% of
total Comp. $44,000 |
| 2007 |
4,000 |
5,000 |
TBD |
| 2008+ |
5,000 |
6,000 |
TBD |
|
| |
| |
|
| |
