Q: Who is a legal entity customer?
A. The Rule defines a legal entity customer as a corporation, limited liability company, other entity created by the filing of a public document with a Secretary of State or similar office, a general partnership, and any similar entity formed under the laws of a foreign jurisdiction that opens an account. The definition also includes limited partnerships, business trusts that are created by a filing with a state office, and any other entity created in this manner.
A legal entity customer does not include sole proprietorships, unincorporated associations, or natural persons opening accounts on their own behalf.