do you have/need some kinda license/registration for the LP? with the F&F account, which entity is running the master account ? or you just run it under a real person?
I also have an IB F&F account. I'm only managing my own account and one account for a family member. I'm not charging any fees. I was wondering, how are adviser fees earned taxed? Does self employment tax apply?
Since I run a very small amount right now and only 2 clients, I do not need to be registered. Per SEC, under $25M and I think 15 clients, you don't have to register with them. But, state laws you may have to. I eventually will register at some point (I used to have those licenses in the past anyways).
What kinda registration/licenses are we talking about here? I have absolutely no idea but would like to start, pls provide more info if you please.
with series 7/66, you can open a LLP/LP and start a fund that manages friends/family's money? where can I find more info on it?
Given the extremely high failure rate of traders, are you really sure you want to lose the money of your friends and family? The reality is, you are probably WAY overestimating your money management, trading and financial skills. You are asking people who probably don't much understand what you are exactly trying to accomplish, and you are more likely than not going to make them regret that they ARE your friend or family member. YOU (calling your little sister): "Ring, ring... " Hey, sweetie! Remember how I lost all that $31,000 it took you 3 years to save up from your job? because you trusted me? But I did not expect that false news report that extremists had seized a Pakistani nuclear weapon facility? And the market went down 20% in a few minutes and blew out my leveraged trading account? Well... YOUR SISTER: *click* This is one of the worst ideas ever...
zones, The hypothetical scenario you mention seems to play to your own fears. We now understand why you would be afraid to manage money for friends and family. Great, as far as it goes.
the "hypothetical scenario" is pretty much happens to almost all small traders. Don't know if you checked, but few traders last long.