DW, could you please elaborate on which of these entities are the best for day-trading company? Also few pages ago you mentioned that LLC can be useful in prenup arrangement. Could you be more specific?
Sorry to bother you with all these questions, I'm quite ignorant in all of this. Been trading for ~10 years now, but only lately started seeing consistent results. So Im in search of good place / structure to trade.
Thanks again for sharing the knowledge!
Well, if you want her to sign a prenup then it's easier to separate your assets throughout the marriage if you put them into an LLC. Since the LLC is tax neutral, it won't complicate your taxes that much. Basically you should name your LLC in the prenup as a separate property that you've acquired before the marriage and then you must hold all your retained profit in the LLC's bank accounts. What you keep there will be hard to challenge. What you pay out to cover your day to day expenses should be spent otherwise she may claim half of it. You can use a prenup which makes everything separate but she may attack that.
Even better if you use a Nevis LLC that you put into a discretionary offshore trust. You must clearly state in the trust document that you'll be the manager of the LLC in all times except when the court orders you to pay her. Consequently you'll be unable to pay her and she can't take the money. Once you have divorced then you'll become the manager of the LLC again. It's also important to include in the trust deed that the trustee is obligated to pay the legal fees associated with your divorce thus you won't go bankrupt during the divorce. This way you can retain the control over your assets because you're the manager of the Nevis LLC but you're not the owner so if she challenges the prenup and says it's invalid because of bla bla bla then the trustee steps in as the manager of the LLC thus you're unable to pay her half of the trust's assets.
Prenup + offshore discretionary trusts + offshore underlying LLCs are bulletproof.
So download the app to your phone and start calling the banks and ask what you want and explain your situation until you're sure s/he understands it. If you're uncertain then hang up and call again. Do this till you talk to someone who wants to help you then ask what if you'd have this or that. I'll think about sharing this trick but I'm a bit afraid because then many people are going to open accounts and they may tighten the rules. I'll get back to you.