I was setting up a hedgefund in order to build a track record that is so hard to do with simply trading your own account. I found out that ETG would help me set up the hedge fund with documents and accounting info. I never went through with it so I don't know how good their papers are, but they were willing to get me all sorts of docuemnts at their expense. I also know that First New York has a hedge fund program.
Of course not. It can cost a lot of money to set up a hedge fund the RIGHT way. And nobody is willing to give their paperwork away. (I know, I run my own hedge fund). If you try a Prime Broker - they are willing to help and direct you to three of their preferred attorneys (you make your choice). These guys will charge you anywhere between $30,000 to $60,000 to draw up the paperwork. Send me a private email and I can give you some ideas, if you are interested.
I didn't want to spend that much. I already found an accountant to do all the back office stuff. All i need is the legal doccuments. I don't want to shell out 30-60k. I want to do the whole thing for under 10k to set up and under 5k or so a year every year. I just want this to build up a track record mainly. I don't think I can aggregate more than a few million right now anyway so I won't be able to pay the bills on anything bigger. I understand why people wouldn't want to share of course. I was just hoping that someone who went the route that I did would have the information that I want. Since they got it for almost nothing, they wouldn't mind sharing for free.
While we are on the subject, would someone mind bullet-pointing the key differences (advantages/disadvantages) between an LLC and LP? Thanks.
Maybe I shouldn't say anything as I am not an authority but as I understand it, an LLC offers the 'separate entity' concept similar to a corporation which shields you to a degree from liability. Remember, LLC stands for "limited liability. . ." An LLC has the legal advantage of a corporation, with the tax advantage of a LP. In contrast an LP is unlimited liability, which means the partners are liable for the LPs liabilities, with no limit (possibly beyond their initial capital deposited/risked). If someone knows more/better, please let us know as I would love to learn about this stuff.
Actually, as I understood it in one of the hedge fund sites listed above, an LLC and LP both offer limited liability. They said most hedge funds are LP, so that would definitely make it limited liability! Limited partnership sounds more like there are a certain number of partners who control the company, while an LLC (corporation) would have a board of directors, treasurer, CEO, etc.