Setting Up the Legal Entity

[o_hoolix 10]

After trading successfully on the side for years, I'm beginning the first step in implementing my plan to move to full-time trading. Before I take the plunge, I want to have everything set up properly to maximize profits and limit taxes.

 

For a number of reasons, I have decided to open an LLC and do my trading through it. I've decided that I probably need to hire a tax attorney to advise me on all of the particulars and facilitate the setup on my behalf. What I don't want to do is hire someone's buddy or go through the yellow pages. Does anyone have any suggestions on how I can find someone in my area that specializes in tax law for traders? Are there any sites that list these? Any associations I should be plugged into?

 

Thanks,

 

O

[Tradewinds 12]

Does anyone have any suggestions on how I can find someone in my area that specializes in tax law for traders? Are there any sites that list these? Any associations I should be plugged into?

 

Thanks,

 

O

 

I've used Traders Accounting.

 

Traders Accounting - Services for Day Traders - Taxes, Accounting, Business Strategy

 

I think they are a sponsor or vendor of this site.

[o_hoolix 10]

Wow, thanks dude. Good stuff. I should have thought of searching for an online firm specializing in this but I think I got a mental block at LegalZoom.

 

I called around to numerous local lawfirms and they didn't know squat. They can help me set up an LLC but have very little knowledge of securities law.

 

This service looks good and I've started the process.

 

Thanks again,

 

O

[Tradewinds 12]

Trader's Accounting will contact the state you are in, and file the official paperwork with that state. You will also get a tax number from the IRS. They will call you to go through coaching sessions for what you need to to.