I have a Schwab Organization account for my LLC. I opened it primarily to get free business checking and to invest excess cash in a money market fund if I happen to have an excess amount sitting in the account for awhile (this has not happened yet).
I just signed up for Chase's "You Invest" platform, which reminded me that whenever you open a new brokerage account, you'r asked if you're a private investor or a professional investor.
Since I control my LLC's account, I think that might mean I'm a professional investor.
So I'm wondering if I need to change the status of my brokerage accounts to "professional investor" and I'm wondering what sort of hit I will take on fees from this.
My LLC is a single member, disregarded, LLC. (Disregarded means it's not taxed as a partnership or corporation -- Income is "pass through" to the sole member and it's taxed as a sole proprietorship).
Edit: According to this, I would not have to register as a professional investor: https://www.capitaloneinvesting.com/main/help/topic.aspx?CategoryCode=CRTQHT
Information I'm finding is mixed though.
Submitted October 19, 2018 at 12:25PM by uuuuut https://ift.tt/2P8kMz8
