Aaron, Thanks for the detailed explanation. If you have time, could you please let me know where I can get information for what can be done legally to reduce the tax burden for an LLC running a commodity pool. For instance, I'm interested in the case of both US and foreign based investors, if this pool can be formed offshore? Also, can the pool be formed in a lower tax US state but operated from another state? Do you know anyone specializing in tax topics like this? Thanks again.