I have been asked to manage about 50k each for 3 friends. I mainly do option trades and some futures, What are the legal requirements for creating an LLC with them as three partners and trading through that entity. The lawyers I talked to did not have clue on what is needed. I understand that for futures as long as you are trading for less than 15 clients and < 500K it is fine. Is a license needed for trading options? I went through the existing threads in this forum and could not figure out the answer. Thanks for your help.