Ok, you guys know I posted questions related here before. Now a LLC is setup, 5 members. Operation agreement drafted and can be signed. We are close friends so it is VERY UNLIKELY we will sue each other for 10K's sake. So what else I need to do to legally able to trade commodities/currencies and their options in-and-out, year-round, and happily pay our tax without government showing up at the front door? Shall the LLC elect "trader status"? Can all profit be passed through to the members? (Assuming there is profit) The typical 2%+20% will be paid to me from the profit and taxed as ordinary income, while the rest can be distributed as dividend? Thanks in advance for everybody's comments.