I have been asked by a few friends to manage a modest amount of truly speculative capital. It represents a tiny portion of their net worth and they want me to, as they have phrased it "put it in harm's way and shoot for the moon." I am very reluctant to do it but frankly there is a part of me that simply likes the profit split they have suggested. I know that IB and others have a "friends and family" option but I would like those that comment to ONLY comment on the option I prefer -- a small limited partnership. The facts are: They have approached me; the total amount will be under $200,000 and distributions will be made before $300,000 is reached (assuming good fortune); I will contribute 1% of the capital as the GP and either two or three others will contribute the other 99% limited partners; Futures ONLY ... primarily currencies, indexes and occasionally metals. Does anyone see any need to be involved with regulators in any fashion? Is this clearly what the 15 participant under $300,000 (I think) exemption was designed to exempt?