I have been informally managing some money for <b>family & friends</b> for some time, trading commodities only. I am not a registered CPO, and my understanding is this not required based on our account size and since we do not have any outside investors. Things have been going okay so far, and I would like to organize this a bit. I would like to charge a performance fee (no expenses + 30% of profits above a benchmark. If benchmark returns 10%, and we do 50%, I get paid 30% of 40%) Ordinarily, investors in commodity trading pools need to be "accredited investors". Since this is strictly family & (very close) friends, do they need to be "accredited investors" for me to legally charge this performance fees? All of us are in agreement with this arrangement, of course.