A question about joint account?

Hi, I wonder if someone can define what's a JOINT ACCOUNT , what is it mean , what the advantages and the disadvantages of open such an account .

I need to know the ins and outs of the JOINT ACCOUNT .

Is there any legal consequences some draw back ? , what if I want to open an account with a friend who knows little about forex ?

cheers

You should really talk to your broker and an accountant about this. A decent broker can explain the legalities of different types of joint accounts.
You'll have to decide:
Do you both want access to the account?
.....a) For trading?
.....b) For deposits and withdrawals?

What will happen if one of you dies?
.....a) Account Automatically belongs to surviving partner? (Joint tenants with survivorship rights)
.....b) Account is divided among you and your partner's heirs. (Account tied up in probate.)

What amount of ownership will you each be responsible for? (Tax issues)

After you discuss it with your broker, present your decision to an accountant to confirm the broker's info.
Or...just find out what types of accounts your broker offers and go straight to your accountant with that info. You and your partner should go together to avoid any surprises later on.

Any accountant should be able to help you with this. You won't need a trading savvy accountant to help with your joint account questions.
However, when it comes time to deal with taxes, you better find an accountant familiar with the Forex.

Thanks for the reply .