On January 6th of this year 2006, I started doing some work from home as a Sole Proprietor, I have applied for Illinois DBA license through the business registration form. I opened a bank account in the name of the business to make sure even though the businesses income and my income are one in the same, I'd be able to keep better track of expenses. I'm happy to say business is going quite well, I invested $15,000 of my own money to get up and running and in only two months have more than tripled it. There's the back ground.... here's my question... business is going quite well now, and I do not need any more funding, and my expenses are quite low (as I am the only "employee"). I don't want this cash just sitting in a bank account. Is it possible/legal to open a brokerage account in the name of the company and take the cash out of the bank and trade with it? (To be clear, I don't intend to take all the money, I'll still have some backup in case of emergency) If I do trade with the companies money, and lets assume (dangerous I know) I'm successful does that money I made get reported on my schedule "C" as income? How do I deal with that? I'm sorry, I realize I asked a lot of questions, but at least to me they are important. Thank you all so very much for your time, Shhhh
- posted
18 years ago
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