Broker accounts owned by the GP or LP ?

[tnp20]

We have been operating as an incubator fund for over a year now and not 100% sure if ownership of our broker account is correct.

 

Who should own the broker account ...LP or GP ? The funds belong to the limited partners so from that perspective and from annual 1099B tax perspective, it would make sense for the broker account to be under LP. Can the broker account be under GP's name on LP's behalf ?

 

 

We have a typical hedge fund set up.

 

GP (LLC) is the investment management company.

 

LP (Delaware LP) is the limited partnership.