LLC, LP, or none at all?

Discussion in 'Professional Trading' started by Iceman14, Sep 26, 2006.

  1. Iceman14


    How did you guys get set up your brokerage accounts? Individual or some sort of corp.?

    Also, anyone have any opinions on which type of incorporation is best for the following scenarios:

    1) If I plan on trading my own money in the immediate future, but may add family and friends funds' down the line.

    2) If a friend and I pool together our own capital (50/50) and we are both equally responsible for trading decisions -- does LLC or LP matter?

    Anyone had any experience with the online incorporation websites? Or should I go to an attorney?
  2. Toonces


    My accountant told me his firm currently has a trader who is fighting with the IRS re his LLC. I'm not sure what the issue is, but he recommended, until the case is resolved, not using an LLC, but rather a partnership or S Corp.