Which broker should I use for my LLC? – Composer
Which broker should I use for my LLC?
More and more retail traders are expressing interest in forming an LLC to take advantage of business taxation, which can be preferable to individual taxation. Brian Rivera, CPA, has written at length about setting up an LLC and their benefits in a separate post. However, even once you’ve set up an LLC, you still need to find a broker that allows you to open an LLC (or other entity) account. Thankfully, Composer allows users to onboard with business accounts, but not all brokers do. To help navigate the maze of potential providers, we’ve created the following table of popular brokers and whether or not they support business accounts:
| Broker | Supports business accounts? | Account minimum | Asset Classes Supported |
| Charles Schwab | Yes | 250k | Stocks, ETFs, options, mutual funds, fixed-income |
| Composer | Yes | 100k | Stocks, ETFs, options |
| E*TRADE (Morgan Stanley) | Yes | No minimum published | Stocks, ETFs, options, futures |
| Fidelity | Yes | No minimum | Stocks, ETFs, mutual funds, bonds |
| IBKR | Yes | No minimum | Stocks, options, futures, forex |
| Lightspeed | Yes | 25k | Stocks, options, futures |
| M1 Finance | No | NA | NA |
| Merrill Edge | Yes | No minimum | Stocks, ETFs, mutual funds, bonds |
| Public | No | NA | NA |
| TradeStation | Yes | No minimum | Stocks, options, futures |
| Robinhood | No | NA | NA |
| SoFi | No | NA | NA |
| Wealthfront | No | NA | NA |
| Webull | No | NA | NA |