Just wodering if there has been anymore sub llc fallout? Is it back to biz as usual? Is everyone 'quietly' getting their series 7 (or retail)? -Guru
So far biz as usual. Right now deals have changed and you should be getting cost on the ticket and they take a % of your gains as the sec rule states unless you have a 7. You just can't make money off a trader with no license on their commissions .
The % would equal what they made off the trader. What they want is to make off a trader when they make and don't churn them. They(llc) are not looking to do it for free and you can't blame them. You can't take a deposit and the k-1 is not good as a trader can't be a partner. Only one firm the sec has ripped through. Word is they will be in all by years end. Sucks but the pigs made this happen . I never like hearing about a trader getting churned to death.
Well I guess we're better off trading retail or getting the series 7? I would rather have 100% payout anyway... -Guru
retail is the way to go. The llc is good for the beginner but now things changed. For a new trader he/she should go prop if you don't have the money for retail i would say go prop. Last thing you need is 2-3 years later getting a letter from uncle sam or find a backer and get a POA to trade the money. Sonic just closed as they ripped traders off big time and the law suits started to come. One thing got to love karma. It will get you in the end.
there are still a bunch of llc's that are in operation and running their business on the straight and narrow. will the sec come knocking? who knows.