DamienWayne
Superstar
Recently started one as well. How do u decide who is in charge of the trading / buying and selling
Started an investment club with the brehs
- Thread starter Swirv
- Start date
I was gonna start mine by word of mouth.. 20 dollars to join monthly at first.. send a group text alert sl buys and why im investing into it etc lol
We have a President and Vice President
the president executes all trades and the Vp takes over trading activities in case the Pres. is unable to carry out their duties.
So you would have people pay you $20/month to text them alerts?
You could be of great service to them. Just be clear on what expectations each party has. I’ve done business with family and I treat them like any other client.
at first yea.. it'd be a group or i'd get it automated... im tellign people stocks im currently buying in and why and i would tell them when to sell
simple $$
DamienWayne
Superstar
we just got our llc registered and are getting a portfolio together, can you go through the steps of what u did to make everything legal and cover your ass op?
I'm really thinking about trying to start one. I am watching a video right now that really changed my thought process on how I wanted to get it started.
Ordered some reading material Imma start thru amd gain more knowledge. Think I'll start a facebook group 1st and invite a few ppl. Kick some ideas around and plan a launch during Black History Month next year.
Ordered some reading material Imma start thru amd gain more knowledge. Think I'll start a facebook group 1st and invite a few ppl. Kick some ideas around and plan a launch during Black History Month next year.
1. Was creating a partnership agreement that also establishes the name of the LLC, who it’s owned by. Our bylaws explain our operation more in depth. You can use a lawyer or not to draft the agreement and bylaws, we used a template from iclub and edited.
2. We registered our LLC with the state. It was very easy, just input some info and paid the fee. This may vary in your state. We chose an LLC because it should shield our personal assets against any claims against the LLC.
3. We filed for a tax EIN with the Irs. Again this was a simple process. Apply for an Employer Identification Number (EIN) Online | Internal Revenue Service This allows the entity to apply for credit, loans or open a bank account.
4. Opened a bank account in the LLC name and EIN.
5. Opened a brokerage account in the LLC name. This has been the most complex step. The documents needed are more extensive than all previous steps. However we can now start trading.
congrats on getting yours started. May the gains multiply.Go for it breh. If you or anyone want to join our zoom meeting to check us out let me know. Never know it might give you inspiration.
Im meeting with breh to have our trading strategy down to present at our next meeting on the 24th.
Had our first initial meeting yesterday. Right now we have 12 partners but might acquire two more. Everybody has to bring their stock pick to the table for tomorrow and we take a vote on Sunday for what we plan to buy.
We went with fidelity as the broker. Pretty much I was outvoted 2-1 when we started initially. The other two partners already had their accounts established and were familiar with that platform.
@KING WILL we are up to 15 members now. For the month of July 2020 we made an 18% return. Just submitted all our stock picks for August to vote on. So far so good.
Our biggest winner was Overstock with a 117% return! Biggest loser was ERI which turned into CZR with a -25% return. I voted against it initially.
Our biggest winner was Overstock with a 117% return! Biggest loser was ERI which turned into CZR with a -25% return. I voted against it initially.
DamienWayne
Superstar
do you think as a group its better to invest in etfs/mutal funds or individual stocks?