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  1. #1
    ABW Ambassador
    Join Date
    January 18th, 2005

    I just want to check something with you guys.

    If you wish to trade in the US (I mean a private citizen living and earning within the US borders)do you have to register as a trader? Do you have to form a company, or can you just trade and then declare your income with your tax return at the end of the year.

    How is it done?

    This is for a VERY good friend of mine who’s English leaves a lot to be desired and has received conflicting advice. I just want to set him on the right track.

  2. #2
    ABW Ambassador
    Join Date
    January 18th, 2005
    Palm Springs, CA
    If your friend is just trading for himself, then he doesn't need to register. He just makes his trades and then at the end of the year pays tax on his earnings/losses.

    If he wants to trade for other people, then he must be a licensed trader. I haven't checked out the rules in a year or two, but I think that's still right.

    Never mind the legal mumbo jumbo - does your friend have any hot tips for us? [img]/infopop/emoticons/icon_wink.gif[/img] [img]/infopop/emoticons/icon_biggrin.gif[/img]

    Kip [img]/infopop/emoticons/icon_smile.gif[/img]

  3. #3
    ABW Ambassador
    Join Date
    January 18th, 2005
    Thanks, thought so.

    Wrong type of trading though. I mean, trading, as in selling Mom & Pop home made.

    She makes Chinese cut-out arty stuff (best description I could think of). Looks great but takes an age to make and you still can't sell it for much.

    But thats what she does, and is happy, so who am I to change that.

    She did pass me several health tips though.

    Subject: Diet and exercise questions

    Q: I’ve heard that cardiovascular exercise can prolong life. Is this true?
    A: Your heart is only good for so many beats, and that’s it. Everything wears out eventually. Speeding up your heart will not make you live longer; that’s like saying you can extend the life of your car by driving it faster. Want to live longer? Take a nap.

    Q: Should I cut down on meat and eat more fruits and vegetables?
    A: You must grasp logistical efficiencies. What does a cow eat? Hay and corn. And what are these? Vegetables. So a steak is nothing more than an efficient mechanism of delivering vegetables to your system. Need grain? Eat chicken. Beef is also a good source of field grass (green leafy vegetable). And a pork chop can give you 100% of your recommended daily allowance of vegetable slop.

    Q: Is beer or wine bad for me?
    A: Look, it goes to the earlier point about fruits and vegetables. As we all know, scientists divide everything in the world into three categories: animal, mineral, and vegetable. We all know that beer and wine are not animal, and they are not on the periodic table of elements, so that only leaves one thing, right? My advice: Have a burger and a beer and enjoy your liquid vegetables.

    Q: How can I calculate my body/fat ratio?
    A: Well, if you have a body, and you have body fat, your ratio is one to one. If you have two bodies, your ratio is two to one, etc.

    Q: At the gym, a guy asked me to “spot” for him while he did the bench press. What did he mean?
    A: “Spotting” for someone means you stand over him while he blows air up your shorts. It’s an accepted practice at health clubs; though if you find that it becomes the ONLY reason why you’re going in, you probably ought to reevaluate your exercise program.

    Q: What are some of the advantages of participating in a regular exercise program?
    A: Can’t think of a single one, sorry. My philosophy is: No Pain-No Pain.

    Q: Aren’t fried foods bad for you?
    A: You’re not listening. Foods are fried these days in vegetable oil. In fact, they’re permeated in it. How could getting more vegetables be bad for you?

    Q: What’s the secret to healthy eating?
    A: Thicker gravy.

    Q: Will sit-ups help prevent me from getting a little soft around the middle?
    A: Definitely not! When you exercise a muscle, it gets bigger. You should only be doing sit-ups if you want a bigger stomach. I hope this has cleared up any misconceptions you may have had.

  4. #4
    Resident Genius and Staunch Capitalist Leader's Avatar
    Join Date
    January 18th, 2005
    Bwaa haa haa!

    But something tells me she'll live a long time anyway. Maybe from less stress from worrying about BS like whether fried chicken should be avoided...

    As for the trading, it depends where the trading is done. Some localities require a "peddler's license" for that type of trade...and some don't care.

    But if she wants to avoid paying sales tax for the raw materials, she'll need a Sales Tax License (name varies by locality). There are other regulations involving sales tax licenses, though, and for a small-time operation I wouldn't bother, myself.

    But she may be stuck with the peddler's license. Check with the local government of the area she's going to be doing business in for the Real Answer on this question.

    And remember that the word "trade" in the US is likely to be specific as to what's to be traded or you may get responses like those above!

  5. #5
    ABW Ambassador
    Join Date
    January 18th, 2005
    Atually both answers gave me what I was looking for.

    She was told that she needs to incorporate, my answer was BS unless she was going to do real business.

    (Incoroprate as in to make a company [inc.] similar to UK Ltd.)

    Thanks [img]/infopop/emoticons/icon_smile.gif[/img]

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