I have been trading/investing in stocks for 6 years and I have a fantastic track record. Now friends and family want me to manage their money for them. I'd be managing about $1.5 million to start. I want to do this the legal, legitimate way. Does anyone know what I should do? A lawyer I talked to said I could set up a LLC and use it as a holding company, make my clients limited partners, and draw up contracts with them about my fee schedule and all the details. He said it'd cost probably 20k to start, then $1,500 each time I add a client. Others have suggested I let them keep their money in their accounts, but they sign me up for trading authority. Additional info: My plan is to collect a fee of 15% of the cumulative outperformance of the money vs. the S&P500. So if the portfolio goes up 20% while the market goes up 15%, I collect .75% of the original portfolio amount. If the market goes down or the portfolio underperforms, I get nothing. Thank you so much for any replies!