Excuse my ignorance, but hopefully someone can point me in the right direction. I'm contemplating, on the request of friends and family, to trade for them. A hedge fund of sorts. None of these people are accredited investors with that much net worth. So I cannot start a "real" Hedge Fund. I'd like to basically open an account with money from each of them and trade. What sort of legal ramifications or tax implications am I looking at? I obviously don't want to break the law, nor do I want to pay their share of income tax. Can it be as simple as starting an LLC or some other entity and opening a trading account under that LLC? Does anyone know where I can go to find out more?