I would like to start an investment pool with family and friends but I'm not sure how to proceed. Is it even legal to do such a thing? I've done some research on the internet, but I've received conflicting information. P.S. I plan on charging a management fee so I can't run this as an investment club.
Stocks or futures? 200000 pool limit or 15 members and NO advertising and your are not required to go through the hoops for a commodity pool operator. Check the NFA and CFTC sites for more information. Make 'em pretty, Chris P.S. This is for futures
Keep talking to brokers until you find someone who can set-up the proper type(s) of account(s) based upon the number of investors and assets under management. Make up your mind what you're going to trade before doing that. I remember a magazine ad for an outfit called "Miramar Research" that does that type of legal mumbo-jumbo. Google them for more info.