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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Monty Lenard who wrote (303)	5/23/1998 12:40:00 AM
From: WallStBum	Read Replies (1) \| Respond to of 1383

Order Ted Tesser's Tax Survival Guide from Barnes & Noble. It is very good reading on the subject of trader status and its advantages. It also has a lot of other tax tips, etc. that were interesting to me as a CPA. Some stuff I had not thought of before and have used for clients now. shop.barnesandnoble.com dax

To: Monty Lenard who wrote (303)	5/23/1998 11:42:00 AM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

Monty, nothing wrong with an LLC. The big difference is the COST. An LLC costs $500 to several thousand $$ to get set up with an attorney, INCLUDING various agreements etc. Some States may have Secretary of the State fees due as well, and some may have a minimum annual tax. WHEREAS a General Partnership or Joint Venture CAN cost you Nothing. Two or three buddies can each toss $25,000 into a joint brokerage account and just start trading. Zero costs, and little bookkkeeping or legal documents to fool with. It might depend on WHO the partners are and HOW MUCH $$$ is involved. I still wonder what good the "limited liability" is going to do an investment venture. I'd like to see the reasoning behind such advice from the National Investment Club organization. I must be missing something, and would like to "see the light" Colin