Well at least, potential partner found the 'money' to start trading to build a track record. And he has the connections so I think he'll be able to get some more without major difficulty.
Swannie, You are a papertrading newbie hemorrhoid. There are lots of knowledgeable traders on this board, and you aren't any of them. Tip your head and let the hot sand run to the other side They did a brain transplant between you and a sponge. The sponge lost. There. I think that covers your good points, brown-nosing sim-trader.
Hmmm, let me see if I have this correct. 1. You have a 3-month track record in one of the greatest market run -ups of all time. 2. You have little money of your own, since you stated your "partner" staked you with some cash to get started, and thus will have little to no "skin in the game". 3. In the event you are just a one-hit wonder, your clients would have no recourse since they would be tied to a lock-up agreement for at-least a year. Who did you say to make that check payable to again? Seriously, only the foolish will be writing you a check.
There is quite a bit of dumb money in the world. If his partner can raise that money the OP's job to make that dumb money smart in retrospect. Your facts are essentially correct but the OP wants to know what his next move is. I think you would agree that he should go full speed ahead to consummate the deal.
Quote from Swan Noir: The substance overwhelms: You have an incredible talent for setting up straw men that lead right back to your zealot's belief that no one but you can ever succeed. No one, not the OP, not me ... nor anyone else suggested he raise money from friends or family. It was never an issue. But the only route back to paranoidville was for you to pretend as if that was on the table. You might be the biggest asshole ever to come down the pike. And if you are not the biggest you are certainly top three. And to postulate that money that adults have invested is in any way even close to abusing that person's son is looney tunes. Seek professional help. Yes, doesn't it...
Wow, trader with a 3 month track record and no ability to raise money on his own and none of his own money to contribute to the formation of entity and legal fees want's >50% of partnership. Amazing what boldness and nobelese a 3 month track record brings. Heck, Starting my Hedge Fund with my 4 month track record and Sharpe ratio of 2.6 should be a no brainer/slam dunk. Move over and watch yer back Soros! LOL