Business Names?

M

MGB

I'm curious, what are some of your business names? I presume that some of you have a business license in which you trade for a living.

Although it's not required to have a business license to trade for a living, it's a nice thing to have.

MGB
 
With a business name, you can:
1) Open a checking account in your business name. Deposit and withdraw money.
2) Open a business credit card to subscribe to data feeds, etc. Make it easier to report tax deductions.
3) Pass out business cards with your business name, just for fun.
4) All your trading statements are in your business name. This makes it easier to demonstrate to other financial entities that you are generating income. For example, if you want to get a debt consolidation loan from a bank, you may need to demonstrate your ability to generate income. Of course, you can do it just as easily if the account was in your own name. Yet, a business name gives it an "appearance" of a serious enterprise and not some back-alley part-time endeavor.
5) Just plain vanity. Some people like to say, "I have my own business and I trade in my PJs".

MGB
 
MJT

Our tax system is set up to help out corporations and tax individuals. So why not take advantage of how we have set up the laws. Owning a C Corp allows you to expense everything you do first before taxes and than let the goverment tax whatever is left for profit.

rtharp
 
rtharp

As far as I know, you can deduct all your expenses as long as you file marked to market. What can I deduct if I have a corporation that I can't deduct as an individual?
 
How about MGB, Inc. or MGB, LLC or the ever popular MGB Trading? AFAIK, the only rules are that your company name cannot be deceptively similiar to another entities name. If you use your own name or initials you should be Ok.
 
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