Anyone trade through a C-Corp or LLC?

i had one 1 hour meeting with my lawyer to set up my S-corp. then it took a few weeks to get the docs approved by the state and i was good to go. total cost for lawyer fees and state approval fees: bout $800.
 
I am also interested in setting up an LLC for my trading business. My primary concern is not necessarily to reduce my tax obligation, but rather to protect my income against litigation.

Anyone have any information to share about how LLC's can do this?

RoughTrader
 
Quote from Toonces:

So from the time you met with your lawyer until you were trading your corporation, how long did it take? Did you not have to wait for your state to approve the documents?
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It's all done ONLINE. The first corporation I set up when I had no lawyer took about an hour. It took that long because he stretched it out. You never have your documents immediately, but you don't need those documents. All you need is your corporate ID number and that is given in seconds. My 2nd,3rd,4th, and 5th corporations were created in less than 10 minutes each.
 
Holygrail, I used a lawyer for a C-Corp and LLC on my first pass, but that was in conjuction with buying a business and real estate.

Now that I know what is involved, (which isn't much, and isn't complicated) I completely agree that you do can and should do it yourself if you have the time.

What website are you using to create the entities?
 
Quote from Sponger:

Holygrail, I used a lawyer for a C-Corp and LLC on my first pass, but that was in conjuction with buying a business and real estate.

Now that I know what is involved, (which isn't much, and isn't complicated) I completely agree that you do can and should do it yourself if you have the time.

What website are you using to create the entities?
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Sorry if I misled in any way. I still use my lawyer. I just call him and ten minutes later I have my ID number.
 
Say I trade in the morning, and work swing shift as an IT guy. I am in California. Should I form two S-Corps ? One for IT consulting and one for trading ? How many SEP-IRA Account can I open ? Thanks.

Could someone elaborate more on this 46K/year tax defer as SEP-IRA ? Does that depend on the percentage of the Corp's income or on the employee's paycheck ?

Edit: I found this link.
http://www.investopedia.com/university/retirementplans/sepira/
 
I'm in California-

But what I was thinking was trade through the corp, and the corp pays me a small salary to cover walking around expenses. But the corp would 'own' all the assets and pay most of the bills as part of my 'employment' to the corp - house payment, truck payment, buys all the toys, etc. Or maybe the corp would 'own' those assets also....

Would that work? Would that limit the amount of spousal support payment, etc?

PS - I'm not married yet......
 
Quote from Haroki:

I'm in California-

But what I was thinking was trade through the corp, and the corp pays me a small salary to cover walking around expenses. But the corp would 'own' all the assets and pay most of the bills as part of my 'employment' to the corp - house payment, truck payment, buys all the toys, etc. Or maybe the corp would 'own' those assets also....

Would that work? Would that limit the amount of spousal support payment, etc?

PS - I'm not married yet......
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You need to have that offshore, like Panama, Nevis, etc. It's very easy to peirce the corp veil for something like you are trying to do IMO. Also check howtobeinvisible.com JJ Luna's website. He deals with these issues and privacy specifically. Get a nominee to hold your money in their bank account. Don't tell anyone whom this is person is. Hope this helps. Good luck.

Dan
 
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