Myself and a colleague have formed an LLC. We both have put in money to trade futures. I will be doing the trading and he will be running the business (accounting, book keeping, taxes, etc). We are not taking money from anyone else. Do I or does the LLC need to be registered as an Investment Adviser? We are not trading any money outside of the LLC. We have no investors. Only active members of the LLC. Does anyone know one way or another?