Has anyone started an LLC, S-corp, or C-corp for your day trading? If so what are the requirements for getting started with that?

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I would say don’t do an S corp or C corp. Or at least do a lot of research and talk to a professional before you decide on one of them. LLCs tend to be more flexible and cost less. LLCs are enabled by state statute so check your state laws, it usually doesn’t cost much to file and get one started. You can do it yourself, your state provides the forms and instructions. I do have an LLC but have not yet moved all assets to the company name. BE AWARE that most brokerages have some kind of commission fees for business accounts. For example I use Fidelity, I believe Fidelity ETFs and mutuals are always free but other funds or stocks have some kind of fee, so many cents per $1,000 or something. Read the fine print. Otherwise computer, phone and other things can be tax deductible including business startup fees so there’s that.

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Anyways, since this was derailed so hard. For future readers I’ll just bring it back with this. An LLC is not corporate by default and does not file the same things, and an SMLLC tends to be most flexible. It’s mostly pretty straightforward where C corp and S corp status add many formalities.

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500-1k trades/year. Average holding period <1 week and then you can write off basically anything

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How is that irresponsible? I wrote off equipment, research, tools, subscriptions etc for the 60k. I made $1M and wrote off $60k? Still paid 400k in taxes, more than you can say

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Are you managing outside money?

No just my own money currently around 40k

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Cross posted: Has anyone ever heard of this type of real estate private equity fund structure:

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“It turns out that wealth does trickle down, you just have to make them bleed first”

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