Account Types
Which document is required to open a corporate brokerage account?
A corporate resolution is required to open a corporate account. This document, approved by the board of directors, authorizes the corporation to open the account and specifies who can transact on its behalf. Partnership
Complete Analysis & Legal Rationale
A corporate resolution is required to open a corporate account. This document, approved by the board of directors, authorizes the corporation to open the account and specifies who can transact on its behalf. Partnership agreements are for partnerships, trust documents for trusts, and letters testamentary for estate accounts.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
Does not match the governing securities rule described in the explanation.
Does not match the governing securities rule described in the explanation.
Matches the verified teaching point in the explanation.
Does not match the governing securities rule described in the explanation.
Official Standard: Outline-level citation: item maps to Series 7 topic coverage. Prefer a specific FINRA/SEC/MSRB rule citation in a later author pass.