Charles Schwab Business Account
Organizations of any size can set up investment accounts at Charles Schwab. The firm provides LLC investment accounts that include many benefits at low cost. However, there is a high initial deposit requirement.
LLC Types Allowed by Schwab
Schwab will open an account for any of these LLC types:
- Single-Member LLC
- LLC that is taxed as a C Corporation
- LLC that is taxed as a Partnership
- LLC that is taxed as an S Corporation
Opening a Business Account at Schwab
While many Schwab account types
can be created online or in the mobile app, an LLC account needs a paper application. You cannot open an LLC account online. Still, the best place to begin is Schwab’s organization account hub, which has details on entity accounts and application download links. Make sure you choose the unincorporated form, since an LLC is always unincorporated.
After downloading the correct form, it must be filled in with the required data. This includes Social Security numbers and driver's license information for everyone involved on the account. Since the PDF is fillable, it may be easiest to complete it on a computer, print it, and sign it. The form can also be downloaded and stored for use later if needed.
After the form is filled out and printed, everyone who is authorized on the account must sign. When all signatures are collected, the next step is to send it to Schwab. There are several ways to do so. You can drop it off at a local Schwab branch, fax it to (888) 526-7252, upload it with the online document tool (an account login is required), or mail it to one of these addresses:
Regular Mail (West)
Charles Schwab & Co., Inc.
P.O. Box 982600
El Paso, TX 79998-2600
Regular Mail (East)
Charles Schwab & Co., Inc.
P.O. Box 628291
Orlando, FL 32862-8291
After Schwab gets the form, they will review and process it, which takes a few business days. Once finished, Schwab will send the account number to the people named on the application. This account number can then be used to log in on Schwab’s website or mobile app.
Charles Schwab Website
Open Schwab Account
Extra Assistance from a Financial Consultant
If you have questions or need help with your LLC account, you can contact a Schwab Financial Advisor. This support is free and remains available after the account is set up. You can reach a Financial Consultant at a local branch or by phone at (866) 516-0483.
Trading in an LLC Account
After the business account is open, it can invest in a variety of products. For domestic LLCs taxed as a partnership, S-corp, or C-corp, this includes all asset classes Schwab offers, such as futures contracts and foreign stocks. International LLCs and single-member LLCs can’t trade futures or foreign stocks, but they can still trade other types of securities like stocks and bonds. LLCs of every type can trade options, use margin, and sell short.
Schwab Business Account Costs and Minimums
Schwab needs $250,000 in total to open an LLC account, and this sum can be spread across multiple accounts. Even though this is a large requirement, the firm’s low commissions make trading more affordable. Online trades of stocks and exchange-traded funds on major U.S. exchanges have zero commissions. Treasury trades are very low cost, and many mutual funds come with no loads and no transaction fees.
LLC Education
After logging in, you’ll find many resources on Schwab’s website and app. Under the ‘Learn’ tab on the site, there are plenty of educational materials for business accounts. Here are some articles we discovered:
- Business Succession: 3 Ways to Transfer Ownership
- When to Pay Taxes on Restricted Stock Awards
- Japan: Reclaiming Lost Decades
- Looking to the Futures: Natural Gas Approaches Resistance as Inventories Rise
- Debt Problem More Than Just a Ceiling
- How to Handle an Inherited Business
Charles Schwab Business Account Verdict
Whether you’re a small or large LLC, Schwab offers solid resources. Extra assistance from a financial advisor is free, and the low-priced stock trades offer great value. The $250,000 total asset requirement may discourage some, but other businesses may have no trouble meeting it across multiple accounts.
Updated on 1/1/2025.
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