Nice article on investment clubs at Barron's Online. Here's the link,
but you need a subscription:

http://interactive.wsj.com/archive/retrieve.cgi?id=SB1007772769463962800.djm

Here's the bit about bivio:

    Bivio.com takes a different approach to the same problem --
    helping investment clubs get up and running and maintain their
    books. The site has been around for a while now, and we were
    pleased to see that it's still here. Bivio.com provides support
    for investment clubs in a variety of ways. Most importantly, it
    takes care of all of the administrative financial tasks that the
    club treasurer usually has to find -- or make -- time for. You
    enter transactions on the Website, and all necessary calculations
    are handled for you.

    Records are updated with every day's closing stock prices, so you
    always know where your club stands. Individuals can look up their
    shares' value and see all transactions. Each club has its own
    bulletin board and e-mail service. The site walks you through the
    steps necessary to create a club, like establishing a partnership
    agreement and setting down bylaws.

    You get all this -- plus help in filling out some required tax
    forms -- for $59 a year. For $30 more, you can link your club's
    site to your (participating) brokerage account and download
    transactions. And for $295 a year, bivio.com will print, sign and
    mail all required IRS forms. Extra charges apply for direct
    stock-purchase plans and dividend reinvestment plans, and for
    banks and brokerages not supported by bivio.com. A good idea,
    well-executed.

Cheers,
Rob