You can have up to 35 non-accredited investors in a hedge fund. Not all of our investors are accredited, but they should all be able to afford to lose their entire investment and the Schindler Fund should be just a small portion of their portfolio. We've got just under $2 million under management, with about $150k in the Schindler Fund. The funds not in the Schindler Fund include my assets and a separate account for an institutional investor. The Schindler Fund was started with a single $20k investment last September and has been growing since. I don't have much of my own money in the fund so as to stay under the $200k limit as long as possible (See JayS's knowledgeable post for the advantages of staying under $200k.) I trade my own funds just like the Schindler Fund, though, with my personal account always getting executed last. The only accounting expense is a copy of Turbotax for business to do the partnership's tax return and send out the K-1's. I've done all my own legal work and the fund is not audited. Once the fund grows to over $200k I will need to have an annual audit. I even learned Frontpage and Paintshop and did the entire website myself. My investors are great and, rather than venting during the lousy months, are actually comforting <i>me</i>. I feel really bad about losing their money, but I guess I did such a good job of educating them at the beginning that there will be big drawdowns that they have a long term outlook and are taking them in stride. I'm not sure where the line is on advertising. I don't broadcast advertise the Schindler Fund. I've got a website for Schindler Trading, the management company, up. I've got a link to it in my signature here. On that website I invite people to consider investing in the Schindler Fund. I think it is okay because I see lots of other hedge funds with websites. I've read the NFA guidelines several times and believe I am complying. I think as long as I'm not pushing the envelope I shouldn't be red flagged. Good questions, Praetorian2!