Schwab "Update" Form APP70337-09 (04/23)
| HelpRegister |
Schwab "Update" Form APP70337-09 (04/23) I'm a partner in two investment clubs. In both we were recently switched from TDA to Schwab. We are both in the process of changing Treasurers and struggling with Schwab's Update Form. "Update Your Schwab One Organization Account for Incorporated and Unincorporated Organizations" In Section 2, we are asked for our NAICS code. I selected #523910 Miscellaneous "This Industry Comprises Establishments Primarily Engaged In Acting As Principals (except Investment Bankers, Securities Dealers, and Commodity Contracts Dealers) In Buying or Selling Of Financial Contracts Generally On A Spread Basis. Principals Are Investors That Buy or Sell For Their Own Account. Individuals investing in financial contracts on own account Investment clubs Mineral royalties or leases dealing (i.e., acting as a principal in dealing royalties or leases to investors) Oil royalty dealing (i.e., acting as a principal in dealing royalties to investors) Tax liens dealing (i.e., acting as a principal in dealing tax liens to investors) Venture capital companies Viatical settlement companies" Does that sound right? I'm also gather signatures from members for these two sections 10. Authorizations to Update Account for Non-Incorporated Organizations Only 11. Required Certificate of Authority and Resolution (Complete only for Non Incorporated Organizations) This 17 page form is intimidating, and it was accompanied an additional four pages we need to read and acknowledge. Linda, Yes, 523910 is the correct NAICS code for an investment club. I know that BI used to (maybe, still does) recommend 523990, but that is clearly incorrect. For federal income tax purposes, some tax software only allows you to use 523900. Note that each additional non-zero digit represents a subcategory of the shorter version. That is, 523910 and 523990 are both subcategories of 523900. Ira Smilovitz I'm a partner in two investment clubs. In both we were |
|
||||||