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pspr

Registered: Sep 2002
Posts: 16702

08-13-12 08:38 PM

I quit watching 60 minutes decades ago when they fell head first into the liberal sewage tank.

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jem

Registered: Sep 2001
Posts: 14050

08-13-12 10:39 PM

Quote from pspr:

I quit watching 60 minutes decades ago when they fell head first into the liberal sewage tank.

ditto.

it was a shame. they were once tough on everyone... or close enough that it did not feel like I was watching propaganda.

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PHOENIX TRADING

Registered: Mar 2012
Posts: 6767

08-13-12 11:53 PM

Quote from CaptainObvious:

So a person acting as a sole proprietorship has the same benefits as a corporation? You might want to look that up.

No need for me to look it up.
When I was operating as a sole proprietor it was superior to incorporating. Your mileage may vary.
I'm going to be operating my trading business as an LLC but that's just because I want to stack the odds in my favor of being considered a professional trader in the eyes of the IRS.

If you are so sure incorporating gives you unfair advantages, why don't you start one yourself? hmmm

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Yannis

Registered: Jan 2002
Posts: 5287

08-14-12 12:07 AM

Quote from PHOENIX TRADING:

...When I was operating as a sole proprietor it was superior to incorporating... I'm going to be operating my trading business as an LLC but that's just because I want to stack the odds in my favor of being considered a professional trader in the eyes of the IRS...

I have been running my trading business as a proprietorship under section 475 (number changed recently) for about 14 years now... No problem with the IRS - was audited twice and they gave me no grief (or fines etc) whatsoever. They were actually very polite, but they do like lots of information, which we traders should have available. The first time they wanted me to supply a more complete cost data set, and the second time they wanted to see all my business receipts. It was a bother but no problemo either time.

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