prop firm/llc's in new york

Discussion in 'Prop Firms' started by NY_HOOD, Aug 19, 2007.

  1. i am with Trade Station and about to go into prop but noticed most issue payments once per month or in some cases bi weekly.
    i keep hearing about accounting feasibility ect..there has to be something more to it. do these LLC's keep their money in some sort of interest bearing account to where they make money on a monthy basis? is that why they only want to do it monthly? how the heck do other companies that have hundreds or thousands of employee's pay once a week or bi weekly. i don't know how much i believe the LLC's when they tell me its "just easier" or its for accounting reasons. i just talked to a firm in new york and i am about to join but am a bit uneasy about this.i'm sure a good trader can make it on a monthly basis but thats not the point. what is the real reason behind this?
    thank you
  2. by the way the firm i talked with is genesis but am also going to call assent in hoboken new jersey.
  3. cstfx


    It is easier to do it once a month because most prop/llc's don't have an accounting department to handle the day-to-day cash functions that you would find in a firm with many employees. Most props only have a few score of active traders. The owners are the ones responsible for ALL functions of the prop, and most want to be paid their commish before they pay you. Most, not all.
  4. We treat our traders as independent business people vs. the employee type, and they simply make funds withdrawals whenever needed. We simply use ACH to transfer money directly into their personal checking accounts (up to twice a week if need be).

    All money is deposited with Goldman, and of course current interest rates are paid daily.

  5. timcar


    The main reason to pay traders on the 20th of NEXT month:

    1. Prop firm wants to get all their fees/commish/extra charges against the trader first.

    2. Prop firm is undercapitalized meaning firm does not have enough money to paid trader as soon as possible.

    Prop firm method is more similar to employer/employee relationship than the business owner model.

    LOL (at least at my last job "Mickey D's" I got paid every two weeks) LOL.

    Even at good firm like Bright Trading prop trader is under some strict requirements.

    Maybe good trader trades for himself retail: better able to control commish cost, keep all profits, trade strategies he feels comfortable with and of course take out profits this week or next when TRADER wants to.
  6. gam1111


    What do traders consider the best equity prop firms in NYC?