Legal due diligence
Which legal entity are you actually contracting with?
The legal question is not simply whether the company exists. A useful check asks which entity contracts with you, whether the account is simulated, whether the firm is a broker or adviser, and which dispute clauses apply if a payout is refused.
Many prop firms disclose that they are not brokers, do not accept deposits, do not provide investment advice and use virtual or demo funds. That does not automatically make them bad, but it changes the type of protection you should expect.
Start with the legal entity and official terms, then read regulator status, restricted countries, refund clauses, arbitration, payout forfeiture language and whether any broker or clearing partner is separate from the prop firm itself.
Contracting entityRegulatory perimeterDispute clauses