For any business you need to keep book. How much came and went. Payable and receivable and wage.
Business bookkeeping (where you deal with customers) is very different as there are many CASH transactions and expenses. Intuit has Quicken Books for small business.
Lets say I only want to use LLC for securities trading. What will be book keeping for that particular LLC as all of your activity will be on monthly statements down to penny. Or you can Pull Activity Report by time period or activity type etc. Even expenses like I paid for subscription or data feed that will also be on monthly statement.
Q. What exactly will be book keeping for trading LLC?
I don't intend to use this LLC as personal bank account. Right now my expenses are subject to 2% AGI and am not able to deduct single $ of legitimate expenses. LLC has its expense benefits (expense mean business expense which generates income) and it flows via Sch C.
Its funny I mentioned this idea of LLC, first thing I heard and people assume is something funny or perhaps illegal or I don't understand it is not same as your personal bank account etc.
People don't consider stock trading as business even though you generate tax revenue but don't get any benefit from running a business. You can sit home all day and create YouTube Channel and make some funny videos, this is business!
