Greetings. My apologies because this question must have been asked many times before, but I really want to get your opinion before talking to lawyers. I am trying to start up a fund, the basic facts are the following: I am US citizen All my clients are Chinese Initial investment will be about 1M basic long-short strategy, nothing exotic The clients are not being pursued by FBI, so they are ok disclosing there identities in the US Tax consideration is of course important Avoid potential liability and minimize cost are also important So my question is: onshore? offshore? Inc.? LP? LLP? Master feeder? and why I was thinking about offshore since people seem to suggest that is what you do when your investors are not from the US. Then I realized the initial cost and ongoing cost will be high to do it offshore. Plus my clients don't have to pay capital gain tax even with onshore fund in the US. So the tax is not an issue here. So I am thinking about onshore limit partnership, which seems to be a lot cheaper to setup and maintain compare to offshore. It will be a while before I can approach any institutional investors, so I don't need top brand service providers, probably all I need is a solid administrator and PB, maybe a good auditor as well. Really appreciate your opinion!