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Showing results for tags 'new biz formation'.
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hi TL community, I'm a newbie to the sight and am thrilled to have found a community of like-minded traders interested in helping each other and in sharing knowledge! While initially I will be asking for more help than I may offer, I look forward to returning such help to future newbies. My dilemma is as follows: I'd been trading options, almost exclusively Apple, last few mos of 2013, and have decided to take the plunge into full-time trading in the new year, but have hit a snag with biz formation issues. I'd been in contact with Traders' Accounting, in Phoenix, and was going to use them for coaching and bookkeeping set-ups, yet my research uncovered quite a bit of negative feedback of the co. This bore out my initial reservations about not using a local CPA with knowledge of traders' acctg and taxation methodologies, as well as Traders' Acctg's seemingly high pricing structures, especially for entity formation. I've since formed my multiple-entity LLC with NYS, which was easy and painless, despite Traders' dire warnings not to do "anything without speaking first with your coach." However, my entity was formed using much of Traders' initial consultation advice, and I'm unsure if my LLC is in fact the best way to go, i.e., does it really allow for distributions which are not considered income and therefore not subject to self-employment taxes, and so many more questions!! So here I sit, unfunded and unhappy, and unsure how to proceed. I need coaching, mentoring, tax/bookkeeping services, et al. Other than that I'm ready to roll (yuk yuk) Your feedback is greatly appreciated! BH
