Are you intending to put the new corporation inside a Roth IRA? I'm curious about the advantages of doing this if you don't mind sharing.
Not sure who I was exactly talking to. I think I just contacted support and asked if conversion is supported and they said no. I deal with financial institutions as customers and can see many reasons why they wouldn't do that. Different compliance, risks, onboarding and often back office systems. Such migration is typically seen as an edge case not worth of investement required to automate.
Some here are questioning the rational. We have setup a family trust as a non-US LLP with the rest of my family. None of us are US residents or nationals. So far the only disadvantage I see are the steep market data fees and will counter that by having the bare minimum subscription level. Anything else to be weary about? Transfering securities from my individual account to the LLP would be great if possible.
Would that be necessary if I own the absolute majority of shares and decision making in the LLP as well?
Sure. Even transferring securities held at the trustee into corporation, we needed medallion signature guarantee from bank to move from individual name to corporate. This along with letter of direction. Do you have a ton of different securities?
I think I can manage without transferring securities. But would really like to transfer cash within IB without having to go through a bank. Large amounts will trigger all kind of red flags that will delay the process
Some links that might be helpful: Guide to Choosing the Right Account https://www.interactivebrokers.com/en/index.php?f=4945&p=accountstructures What You Need for the Application https://www.interactivebrokers.com/en/general/what-you-need-sb.php Converting From an Individual to Limited Liability Company Account https://ibkr.info/article/3322