Beginner

Entity Accounts

Entity accounts belong to a legal entity, rather than to an individual or a group of individuals. Some entity accounts offer tax advantages, while others offer limited liability. There are two primary categories of entity accounts: corporate and trust. 

Corporate

Corporate accounts are designed for legally established U.S. entities. Our current corporate account offerings are as follows: 

  • C Corp: A C Corporation is a legally established entity authorized by a U.S. state to conduct business operations. C Corps are subject to corporate income tax. 

  • S Corp: An S Corporation is a legally established entity authorized by a U.S. state to conduct business operations. S Corps are not subject to corporate income tax and are limited to 100 shareholders or fewer. 

  • LLC: A Limited Liability Company is an unincorporated legal entity that offers its owners limited liability protection and pass-through income tax benefits. 

  • Partnership Accounts: A partnership is a legally established entity with two or more individuals. Partnerships do not pay income taxes directly; profits and losses are distributed to individual partners. 


For specific details and guidance regarding entity accounts, consult a tax professional. 

Trust

Trust accounts can be established as either a revocable trust or an irrevocable trust. To open a trust account, simply fill out the Certificate of Trust and Investment Powers form.


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