Creating an LLC for Day Trading

[kroniclesking 5]

Hello,

Does anyone have any experience with beginning an LLC for day trading?  I'm circling the idea of starting an LLC for my day trading in order to receive tax benefits, but I'm curious into what the process, costs, benefits are in doing so.

 

Thanks in advance

[vic 11]

hi, 

 

these guys are the most well known in the USA to serve traders: https://www.tradersaccounting.com/ 

 

I worked with them some years ago and was satisfied with their services, they know what they are doing

 

 

[kroniclesking 5]

Thanks @vic

I'll definitely take a look into them! 

[Hansabraun 7]

I'm not an expert at all, but I did start a couple LLC's over the years and it was almost purely for distancing my personal assets from liability of the company.  I could be totally wrong but I dont think it has any real benefit for trading your own fund.  Greentrader tax(name might be slightly different) did a webinar and Ill bet they answered questions regarding how to get set up to receive tax benefits.  I remember hearing Norm talking about it in the past in chat.  I think all that is required is to file 2 forms, one to get favored tax status and one to be exempt for the wash rule. I'm pretty sure Greentrader tax covered it in his webinar here at BBT and if not he covers it on his website.  I have to do the same thing myself soon.  Good luck.