Hello, I've been seeking information on forming a CPO and/or CTA. I've decided to gather together all the information I've gained from these boards and other places and post them in one spot. Hopefully others can benefit and those who are more knowledgeable can correct any mistakes or answer questions. Here it goes: 1) A CPO must operate as a partnership or LLC. 2) CPOs must potentially worry about "Blue Sky Laws" which vary by state. (Anyone know how bad these are?) 3) A CPO may have to register with every state from which they have a client. 4) With a CPO clients' liability is limited to contributed funds. With a CTA they may be lose more than the initial investment. 5) A CPO must pay for a yearly audit. 6) CPO accounting is much more complicated and expensive, although I don't totally understand why that is? 7) A pool operator must provide their clients with monthly statements. 8) A CPO can not advertise (can they still list on AutumnGold, IASG, etc.?) 9) With a CTA clients have full daily transparency into their holdings. With a CPO they have at most monthly transparency. 10) Trading is probably simpler with just 1 account 11) Because of their pooled nature a CPO can possibly give more diversification to a smaller account size. 12) Clients can potentially stay with their own brokers with a CTA, but not likely with a CPO. 13) Tax differences - this one I am not so sure about but I am leaving it here as a question. Thanks!