We are starting new CPO, so I`m in the process of "checking the waters" first. CPO will be registered with NFA, although is not required yet, due to size and number of participants. Question: Anybody can share experience with the banks ? Thx
Please be more specific. "Banks" is a pretty general topic. I'm not aware that there are any specific "CPO banks". Are you asking about investment bank help in placing your CPO? Looking for an administrator? Looking to open a business account for your pool?
Aaron, thx for reply. Sorry, it was confusing. Yes, looking for biz account for my pool. I understand that many of them can do that, however I already had discouraging answer from Citibank, so ... doing my homework in this field.
Assuming you are in the US... What was Citibank having a problem with? They open checking accounts for limited partnerships and LLC's all the time. It doesn't matter to them wheither your partnership or LLC is for investment purposes or manufacturing or whatever. Do you have an EIN (Federal Tax ID number) for your pool? You'll need that to get an account, of course.
My business is established in US, so I do have EIN. I have few partners in Europe, so maybe my question to Citibank was not clear enough ? They could understand that we are doing biz as foreign company ? Anyway, the question is whether foreigners can participate in CPO in US ? Assuming it`s OK, maybe You know few details: - do they need US tax number ?(I know there is some equivalent of SSN for foreigners IRS can give them - do they have fill 1040s individually as LLN partners, or there is another way ? Thx so much for Your help so far.