IraS1@aol.com writes:
> Check with your state, the SEC and NASD. What you are proposing
> either borders on or is a licensed activity in most
> jurisdictions. The fines for screwing up (such as not being
> licensed) can be substantial.

Here's the link to the SEC investment club page:

http://www.sec.gov/investor/pubs/invclub.htm

There are many ways to structure a private fund with management fees.
You may be safe if you are only handling execution/accounting and not
responsible for investment decisions.

Cheers,
Rob Nagler
bivio Inc.

Disclaimer: statements are opinions expressed by bivio Customer
Support and are not official statements from the IRS.  These
statements are not intended to replace professional tax or
accounting advice. When in doubt, follow the advice of your
local tax advisor or accountant who is familiar with your
particular circumstances.