- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Starting a Corp. Brokerage Acct Tips
Posted on 5/7/24 at 10:33 am
Posted on 5/7/24 at 10:33 am
I hope all are having a nice Tuesday. 
I have an LLC for IC work that I do, so I was talking with my CPA about how best to do some basic trading. He said to open a Corp. Brokerage Acct, so I'm wondering if anyone on here could give me some tips on how to get started and things to avoid.
I have a personal Fidelity Acct, that I dabble in some more long term investments, but I'm looking to do more day/swing trading. Basically I'm looking for more of a hobby. I have friends that do Fanduels, etc to make games more interesting, but I'm not that much into sports. I do have a very amateur enjoyment of economics and the market, so I guess this is an option. Not looking to make a living out of it, but something to keep my mind churning daily I guess. Not looking to put to much into it, but maybe $3-5k to open the acct, and do small trades to start to enjoy it.
Anyway, I was wondering the process for creating this kind of acct, and what all is needed from my end other than my TAX ID#. Is Fidelity (Active TraderPro?) the right way to go or are there other options that would be better? Would be cool if there was a good APP to move pretty fast with.
Lastly, any operational/process dos and don'ts from any of you that have a trading businesses that you would tell your younger selves?
Thanks!
I have an LLC for IC work that I do, so I was talking with my CPA about how best to do some basic trading. He said to open a Corp. Brokerage Acct, so I'm wondering if anyone on here could give me some tips on how to get started and things to avoid.
I have a personal Fidelity Acct, that I dabble in some more long term investments, but I'm looking to do more day/swing trading. Basically I'm looking for more of a hobby. I have friends that do Fanduels, etc to make games more interesting, but I'm not that much into sports. I do have a very amateur enjoyment of economics and the market, so I guess this is an option. Not looking to make a living out of it, but something to keep my mind churning daily I guess. Not looking to put to much into it, but maybe $3-5k to open the acct, and do small trades to start to enjoy it.
Anyway, I was wondering the process for creating this kind of acct, and what all is needed from my end other than my TAX ID#. Is Fidelity (Active TraderPro?) the right way to go or are there other options that would be better? Would be cool if there was a good APP to move pretty fast with.
Lastly, any operational/process dos and don'ts from any of you that have a trading businesses that you would tell your younger selves?
Thanks!
3
Posted on 5/7/24 at 11:08 am to HagaDaga
Why would you use a business account? Could that potentially trigger some self employment tax vs passive taxes?
Posted on 5/7/24 at 11:38 am to HagaDaga
Is your LLC taxed as a passthrough (onto your personal return) or as a C Corp?
You don't want to do this if it's taxed as a C Corp, as C Corps dont't get the benefit of qualifed tax rates (qualified dividends and long term capital gains)
You don't want to do this if it's taxed as a C Corp, as C Corps dont't get the benefit of qualifed tax rates (qualified dividends and long term capital gains)
Posted on 5/7/24 at 6:38 pm to HagaDaga
quote:
Basically I'm looking for more of a hobby. I have friends that do Fanduels…
May I ask what is your trading background and/or experience level?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News