Ok. Let's say I have 200k in an IB account and I grind out a decent return selling ES credit spreads or whatever. I am also a writer who deducts home office, research, etc. I may also run some money of family and friends (non-accredited investors) in the IB family and friends account management program. All that said is there any reason to get a RIA/Series 3 or claim trader status with the IRS? Or incorporate a LLC/LP and call myself a hedge fund manager or CTA? Seems to I would have to pay more on licensing, professional and exchange fees. I can only see doing it if I wanted to beat the bushes for substantially more assets. All true? Exceptions? Caveats?