Hi all: Since it is completely useless to ask anything of IB Customer Service.....does anyone know IF: An IRA (any type) account can be openned under an LLC account. IB Customer Service does not even read carefully the questions sent to them. Useless CS as always!!!....or using the wrong dictionary to translate from whatever language to English! Thanks for any responses/suggestions.
I have researched this question myself sometime ago, and I could see why you would want to open it under an LLC. If you cannot share why in this forum, pls. feel free to PM me? As a matter of fact, the answer to the why is required in the solution. One of the ways I found is to do via the concept of self-directed IRA. You would need a custodian that allows you to do it. I have such information somewhere on my computer. Let me first hear from you before I go any further.
One reason would be what if a report is run under my SS# they do NOT appear...that is all....the accounts will still appear but under a corporate or LLC name...which I own. It certainby has NOTHING to do with any tax evasion scheme or even asset hidding or protection.
The last sentence was not the reason I asked--You seem to have had an intended understanding of my question. For instance the reason for me was that I had considered it to invest in things other than securities trading/investment (for instance real estate). The structure varies on whether you want the IRA to borrow or not, and whether you want to use partners or not, etc. There are some books that I read that explain exactly how to do it, in the most economical way. I have to locate them, and can post the info later. I think it is a great idea to use IRAs. I discovered things that helped me even in trading! PS: The anonymity thing is another plus that I did not even think about. Thanks.
Maybe these guys: http://www.guidantfinancial.com/products/auriga/default.aspx No clue about how they operate. No clue about their fees. I read an article a few months ago about how people were setting these things up to buy real estate. There are a lot of other firms that set self directed IRA accounts up, but you have to be careful about their fees which can be really expensive.
I am also researching this. I am trading with IRA account in IB. The problem is you can't short in IRA account according to IB. Setup an IRA LLC and trade under LLC could be a solution. I know this IRA LLC scheme is common in real estate investiment community, but not sure whether it is also used in stock trading. Any experienced trader done this?
There are now many inverse ETFs that allow you to effectively short while being long. Many of these are sector or commodity focused, so it does not provide all the options of being able to short all stocks. Also, many of these are leveraged (2X or 3X) ETFs, so you can get some bang for you buck, but that cuts both ways. Keep in mind that many of these ETFs are futures-based, so only use them for day or short-term trades since the expenses associated them work against you in longer term trades. I'd spend my time learning these.
I like http://entrustfreedom.com/ for such matters. They offer live-chat on their site, for exploratory questions.