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Going for LLC from the start now. After consideration, it seems like a no-brainer. The strategy is mostly options. Is that going to make a difference?

So we are considering going with Interactive Brokers. Can you be more specific about this?

Thanks for the warning. This was what I needed to push me over the edge. We have decided to go with the LLC now. any reason to go for an LLP instead??

well like I said the system has a decent correlation with SPY so I would only ask for a portion of their beta exposure. And their portfolio design would not be my business... Im not a financial advisor. however, if the system "blows up" then the rest of their portfolio should also be in...

agree that it's a very underutilized piece of legislation to get your foot in the door of an industry with very big moats. Your idea that they want to weed out the people who can't manage themselves sounds reasonable. GrenwichCompliance.com is also a way for them to stem the flow of service...

Do you guys think starting as a General Partnership is acceptable? I have read that it is favorable as far as regulation and fees when starting out??

I have read to keep track of everything cause IB can mess up charges sometimes. "undersells" as in its a great value to customers? or undersells all the regulations and fees they kinda gloss over? lol

Yes, I have discovered this. There is an activity fee and a professional data fee of $110 I believe. also when you say you "can't" charge a fee.... I think you can it just creates a professional fee??? is that correct?

I live in Tennessee, I have been doing some state research for a while. It appears to be acceptable for me to have clients and charge a fee as long as I'm under 15 clients and 25 million. I also have to clarify that I'm not a financial advisor and advertising is prohibited.

haha, well I'll keep my eyes open for the "unknown unknown's" but aside from those is this what others have done?

I am starting a Friends and Family account at IB. I have created a General Partnership for the time being. I will use this GP and the Freinds and Fam account until I reach 10 or so clients then create an LLC and begin the process to become a RIA and get my 65. I will move all the clients to...

I have enjoyed this read! Bump to encourage more of this