Hi All,
I have recently done a federal incorporation for a company that i am considering starting that i plan on making a wealth management firm way later down the road. I am currently working towards my CFP and CIM designations and definitely have the entrepreneurial drive so I am seeking feedback, guidance and words of wisdom and they will be greatly appreciated.
I am considering taking out a personal line of credit of 10k USD and inject that into the company as my equity (or should i loan it to the company and company pays me monthly interest?). With that money, i intend to day trade to generate business income/profits/activity while paying all the appropriate taxes involved. Also build the corporate credit slowly and then get insurance etc. I am not advising any clients or managing anyone else's portfolio for obvious reasons so right now i just want to build up some equity under a corporate umbrella of which majority of the gains will be reinvested within the firm.
My thinking is that this way it will help show business activity, tax filings and payments, i will be able to expense trading/investing educational courses and all the other claimable expenses and possibly draw some income.
Would really appreciate it if you all can offer some insight or criticism. Thank you.
I have recently done a federal incorporation for a company that i am considering starting that i plan on making a wealth management firm way later down the road. I am currently working towards my CFP and CIM designations and definitely have the entrepreneurial drive so I am seeking feedback, guidance and words of wisdom and they will be greatly appreciated.
I am considering taking out a personal line of credit of 10k USD and inject that into the company as my equity (or should i loan it to the company and company pays me monthly interest?). With that money, i intend to day trade to generate business income/profits/activity while paying all the appropriate taxes involved. Also build the corporate credit slowly and then get insurance etc. I am not advising any clients or managing anyone else's portfolio for obvious reasons so right now i just want to build up some equity under a corporate umbrella of which majority of the gains will be reinvested within the firm.
My thinking is that this way it will help show business activity, tax filings and payments, i will be able to expense trading/investing educational courses and all the other claimable expenses and possibly draw some income.
Would really appreciate it if you all can offer some insight or criticism. Thank you.