How do I run money for a few relatives?

In a lot of states it is a felony to manage money for a fee without being a registered investment advisor. I suggest you check with your state's regulator. Exemption from SEC registration doesn't mean you're clear at the state level.

http://www.nasaa.org/QuickLinks/ContactYourRegulator.cfm

Of course it won't be a problem if you make money. But if you lose money, all it takes is for one disgruntled client to complain to your state regulator.

 

They say a picture is worth a thousand words....These two don't mix.

 

Would Stock Index Futures qualify under
this also?

Or would any commodities Futures product qualify (for example, including CBOT Mini Silver)?

Frank

 

Anything that trades in CBOT and CME would qualify, I think.

 

I have a similar question. If I were to set up an LLC company, and hired other traders, lawyers, accountants, and made them general partners, and made the investors limited partners, would this be legal?. Starting capital at least 1M.

Friends and family would not be allowed

 

First of all do not listen to any of the people spewing some variation of "don't do business with family."

I've been doing business with my family -- loaning and borrowing money, starting partnerships, owning property, etc. -- for over 25 years and have had literally no significant problems with any of them or they me. We're extremely well-suited business partners.

If you already have a good relationship with your family, you will be fine. If you don't, I don't imagine you'd want to be doing them any favors now, would you?

 

agreed. If I said that I got along with my friends and family on this forum, I'd just get blasted. So I dont dare mention the fact that I'd even dream of doing business with them.

cm69

 

My first partner was a family member. Depends on the person, not whether they are family or not...

 

How does this would work if the second party is not an US citizen?

Thanks.

 

lol...

I'm laughing (I needed that)...here let me blast you...

• don't loan money to friends.
• don't do business with family (disfunctional or not).
• dont discuss politics and religion at the restaurant or anywhere with anybody (except in ET in the appropriate forum where you can be anonymous).
• don't knock a persons music preference.
• don't knock a persons dog.
• don't put the kibosh on things that are developing.

and so on....

Soooo..

you mutha...i'll loan u da bread...if u kill your mother...and i'll tell the congressman to pardon ya' if you turn that damned gangsta' rap off and get that ugly, stupid dog off me leg...I hope all this works out...do ya think we will double next week?