What type of Account for an IOLTA?

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Question:

I am working on an IOLTA account. I am fairly new to this new accounts thing and I am confused on what type of account this would be. Once I select IOLTA, my program only gives me 4 options which are Partnership/joint venture, Sole Proprietorship, Limited liability, and Corporation. I picked Sole Proprietorship but this does not let me have the option of listing the authorized signers. Since there are two authorized signers, does that make this a Partnership/joint venture, and if so, who is the partner?

Answer:

The selection of the type of entity that holds the IOLTA account will be solely based on the entity type of the law practice that is opening the account.

First published on BankersOnline.com 8/8/11