I am trying to figure out how to structure my trading operations.
I had been working full time and up to now, along with my full-time job, I have had a brokerage account with my broker in which I traded for myself. Any gains or losses were in my name.
Now, trading is my occupation-Full time. I want to know what is best legal structure to conduct trading.
Should I continue to trade as I have been doing like in the past?
Or, should I incorporate (LLC, S-Corp, Corp etc.) and let all trading be done under the corporate structure? Then, any profits/losses shall be under the company. I can then be an employee of the company.
What is the best legal structure I should adopt?
Are there other ideas to make this work?
At the moment, I do not have a Financial Accountant to discuss this situation. I first want to research this myself. Then, after research I may engage a Financial Accountant.
If the answer to my question is to NOT keep trading like I have been in the past but take a different approach, what are the advantages/disadvantages of the existing approach to recommended approach?
Also, are there any regulatory hurdles to overcome?
Please advice.
Thanks for your help.