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Open account with company?


Lites
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Hi everyone,

I’m new to all of this crypto currency thing . I and a few of my buddies where planing to open an account to buy xrp but want to be fair for everyone that wanted to view the progress of it, so we thought if its possible to get account under a company and deposit as much as we wanted to. Can anyone help us out with the which exchange does that ? We are situated in canada if that’s helps out. Thanks for any opinion that’s given. Cheers

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I don't think sharing a wallet which is holding a decent amount of XRP is a smart thing to do, even with trusted buddies. 

Buddies' (and other relatives) motives can change rapidly when they see the big numbers. 

Edited by Guest
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2 hours ago, Lites said:

Hi everyone,

I’m new to all of this crypto currency thing . I and a few of my buddies where planing to open an account to buy xrp but want to be fair for everyone that wanted to view the progress of it, so we thought if its possible to get account under a company and deposit as much as we wanted to. Can anyone help us out with the which exchange does that ? We are situated in canada if that’s helps out. Thanks for any opinion that’s given. Cheers

I am pretty sure you can open a Canadian corporate account with Bitstamp, exchange platform I recommend. Then you can create sub-accounts for each of your investor. That eases the process of managing each portfolio. 

However, the main problem in doing so does not come from the exchange but rather the legislation in your country for holding and managing money from third parts/ investors. If it's your purpose, then you must get the agreement of the Financial Authority in your country. The process is painful: time and money consuming. On top of that, you are operating in the digital asset ecosystem, which narrows your chance to get approval. Once again, it depends a lot on the openness of your country on the topic.

I would rather suggest that each of you open and manage his/her private account.

There is still an option b if you really want to open a "pool" account for all of you. Name one administrator, fund him/her with your fund and make a signed acknowledgement of a debt (IOU) with the admin. This solution would be ok if you make small returns on small amount of initial investment. If you make huge returns and pay them back, it will involve pretty important cash flows on your (admin) personal bank account. Important enough to maybe interest the tax admin in your country. The tax admin will verify that you are actually not doing that as a source of revenues for you. If it's one shot it can be ok. But be careful ;) Peace

Edited by Lumpy
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You have also option 3: open an Investment Club. The idea of a club is pretty cool, not as complicated as an investment fund. The club will allow you to include others and learn more about the digital assets by setting meeting with the members and so on. 

One (main) drawback, I think there is a limited amount you can invest. The idea is more to learn about the tech and the market than to make stack of money. 

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/ic73-13/investment-clubs.html

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Thank you for your help LUMPY! I will get back to the guys and let them know. If it does work, ill let you know. 

Thanks again Lumpy

p.s  If this does work and anyone other group of guys wanna do the same, ill post a how to.

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