I've been retail trading since 2001 and just discovered the benefits and drawbacks of prop firms that don't require a Series 7. After contacting a handful of these particular firms, I noticed that some of them had a physical location listed on their website but the LLC was not registered with the Secretary/Department of State in which they operate in. Should I be concerned with this? It's my understanding that any LLC or incorporated entity must be registered with the Secretary/Department of State in which they do business in. Any insight is appreciated.