Specialty Accounts
Besides offering you a full line of investment services, including IRA accounts and online stock trading and mutual fund accounts, the Scottrade discount brokerage firm also spotlights a variety of specialty accounts dedicated to helping you meet your investment goals.
For detailed information on any of these financial services, contact a Scottrade stock broker in your area and he or she will be more than happy to explain these accounts in more detail so you can decide which ones are right for your personal and financial needs.
Types of Specialty Accounts
A trust account involves a fiduciary relationship, when a person, called a trustee, handles property for the benefit of another person, the beneficiary.*
The Estate includes the ownership rights or claims to property, both real estate and personal property, at the time of death. The total of a person's assets passes to his heirs, according to the terms of a will, or is disposed of at the discretion of a probate court if no will is left. Individuals plan for the orderly distribution of an estate through estate planning, which involves the drawing of will and creation of trusts, to achieve maximum benefit for heirs or trust beneficiaries in event of death.*
Scottrade specialty accounts can cover a variety of different partnerships.
- Partnership – an agreement by persons, stating, among other things, the nature of the business being formed, the capital contribution of each partner as well as the duties and responsibilities, and the share in net profits of the organization.*
- Limited Partnership – business in which an individual or party who participates in its affairs as a minority investor receives a share of the profits (or losses) that is limited by agreement.*
- Limited Liability Partnership – similar to an LLC, but used by professional associations
Group of investors who pool their money and make joint investments.
Sole Proprietorship accounts are for unincorporated businesses owned and controlled by one person, ordinarily under a business name other than the owner's. Sole owners are treated as individual accounts, and may open interest bearing checking accounts, unlike corporations.*
An account held in the name of a corporation.
Scottrade also welcomes traditional brokerage customers who do not perform stock trading transactions over the Internet. For your convenience, we have more than 340 brokerage branch locations across the country staffed with stock brokers who will promptly transact your business via the phone or in person.
Our traditional brokerage commissions for stock trading orders are just two cents per share in addition to the online stock broker-assisted and touchtone rates. The online stock broker-assisted commissions for other types of transactions, including stocks priced under $1 also apply to our traditional stock investment customers.
As a traditional customer, you'll receive mailed confirmations and statements at no additional charge.
LLC is a type of business organization, recognized as a legal form of business in most states, combining features of a corporation and a partnership. Treated as a partnership, an LLC provides its organizers with liability protection from claims and lawsuits similar to a corporation, and its owners are taxed as individuals.*
Qualified plans that meet the requirements of the IRS for the exclusive benefit of employees and their beneficiaries.
* The catalog defined above has been adapted from Barron's Dictionary of Banking Terms, Fourth Edition, by Thomas P. Fitch.
This information is not intended to be legal or tax advice. Please consult a tax, legal, or financial professional with questions.