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the original question was: how many clients do you need before you have to file and say you are a professional? considering the pay "a smile". I have never considered myself a professional.

Add editor to that list. Ira asked "do what?" and you said "it." So, for the sake of brevity let's assume you're asking about both investment management and tax prep.

On the tax prep side, "professional" is meaningless. One would hope you're professional in all you do. You can do as many returns as you like for free without any kind of registration with the IRS. You should check to see if your state has any requirements regarding free preparers.

As for the rest of it, you need to talk to a securities lawyer yesterday. I don't have a good feeling about what you're doing as it relates to securities law. I may be totally wrong, but were I you I'd find out.

Phil
Rule Your Retirement Home Fool
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