Getting Started

[riol]

What is the name of your state? California


I apoligize in advance if these questions do not belong here but I'm not sure who else to ask or where else to go.

I would like to start managing friends and families portfolios through an online brokerage (i.e. ETrade, Scottrade, ect...) and eventually expand to other clients/customers but I am not sure if I need to get a bussiness permit to do this? Or what type of business I would classify this as.

Also I dont know whether I need to be certified or licensed in any way?

Any information and/or advice/help would be greatly appreciated.

-Rio

 

[jayjay0126]

If you're gaining income then you have to have a license and then declare it. If you don't know exactly what you're going to do, first create a trading company and specialize it later. At least you can write off certain expenses. You may need licenses, it all depends on what you want to do. For family/friends, be sure to contract everything and give receipts for all incoming/outgoing cash. Best of luck!