Anyone registering trading as a business? | Forex Factory

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Anyone registering trading as a business?

  • #1
  • First Post: Aug 10, 2014 8:11pm Aug 10, 2014 8:11pm
Did anyone here register their trading as a bussiness?
  • #2
  • Edited 5:31pm Aug 11, 2014 7:01am | Edited 5:31pm
I personally haven't but I aim to one day through something like a limited partnership possibly.

I saw a similar thing where a group of MIT students did this to get funding for their blackjack team. They called the partnership Strategic Investments in which they were able to raise over $500,000 with. They then set up a management and investors structure in which they would all get paid by a certain % at the end of the year.
  • #3
  • Aug 24, 2014 2:42pm Aug 24, 2014 2:42pm
if you have invested your own cash . how can you not treat trading like a business or investment . ?
  • #4
  • Aug 25, 2014 11:11pm Aug 25, 2014 11:11pm
Quoting ericnyamu
if you have invested your own cash . how can you not treat trading like a business or investment . ?
I meant going to the state office or something and actually registering it as a business
  • #5
  • Aug 25, 2014 11:43pm Aug 25, 2014 11:43pm
you can do it if you want it is easy in certain places they have rules like in USA you need to pass certain exam's to be an official in trading market
focus while relaxed to see better
  • #6
  • Aug 26, 2014 12:01am Aug 26, 2014 12:01am
i plan to at the end of the year, either LLC taxed as a s corp or im going to go corporation fully and then s corp.. (more complex but better tax benefits)
  • #7
  • Aug 26, 2014 12:50am Aug 26, 2014 12:50am
I'd much prefer the tax office to consider mine as a hobby personally (;
H.D
  • #8
  • Aug 26, 2014 5:07am Aug 26, 2014 5:07am
Quoting Hilar
I'd much prefer the tax office to consider mine as a hobby personally (;
yeah definitely with ATO. Other jurisdictions can get funny if you are profiting from a hobby though.
si hoc legere scis nimium eruditionis habes
  • #9
  • Aug 26, 2014 5:22am Aug 26, 2014 5:22am
Quoting numbnuts
{quote} yeah definitely with ATO. Other jurisdictions can get funny if you are profiting from a hobby though.
Well Australia has the toughest and most complex tax system in the wrld.

We use the robin hood theory of take from the rich, give to the boguns lol

But they take the time ivested and profit gained as a measure.. if you want to get around it (and why the fk not)... You can use this as a blue print...

key: Multiple bokers ... and a J O B
H.D
  • #10
  • Aug 26, 2014 8:54am Aug 26, 2014 8:54am
Quoting Liam0530
i plan to at the end of the year, either LLC taxed as a s corp or im going to go corporation fully and then s corp.. (more complex but better tax benefits)
Same here... I am just after the tax benefits...so, do we need to take the series 7 exam or something when we register it as a business even though i am trading own money?
  • #11
  • Aug 26, 2014 9:37am Aug 26, 2014 9:37am
If you are trading your own money and live in the USA, you don't need to take any exam. I set up an LLC for my business and chose the S-corp structure for tax purposes. In my opinion if you are doing this full time for a living (which I am) then you really should do this as the tax benefits are fantastic. You are also able to set up a 401k plan for your entity as well as take deductions for Health Care premiums, etc..... Green Trader Tax is a really good site with loads of information for traders and these guys in my opinion are the best in the business for trader. I used them for my taxes last year. Expensive, however very worth it.

http://www.greencompany.com/quick-links/entities.shtml
  • #12
  • Aug 26, 2014 4:50pm Aug 26, 2014 4:50pm
Quoting eraptheman
{quote} Same here... I am just after the tax benefits...so, do we need to take the series 7 exam or something when we register it as a business even though i am trading own money?
exactly what yazzie said, and no exam necessary or anything like that, series 7 is for stock brokers, to get them a liscence to trade other peoples accounts and money. All we are doing is trading through our own business account. Our money. Tax benefits are very good which is the reason why i am going for it also, especially since its only form of income which it is for me. Why not make it your very own business and write everything off also lol
  • #13
  • Aug 26, 2014 4:53pm Aug 26, 2014 4:53pm
Quoting yazzie
If you are trading your own money and live in the USA, you don't need to take any exam. I set up an LLC for my business and chose the S-corp structure for tax purposes. In my opinion if you are doing this full time for a living (which I am) then you really should do this as the tax benefits are fantastic. You are also able to set up a 401k plan for your entity as well as take deductions for Health Care premiums, etc..... Green Trader Tax is a really good site with loads of information for traders and these guys in my opinion are the best in the...
niceeee, good stuff good stuff as i intend to do this also

  • #14
  • Last Post: Aug 26, 2014 8:45pm Aug 26, 2014 8:45pm
Thanks guys! Appreciate the infos! Btw, does capital size matter for this?
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