> Is it even legal to manage someone elses money without a
> license or their participation?

No Ernie, it isn't legal. 

Actually, I believe it may be.... provided you have fewer than 5 clients. (I should remember this stuff, as I do hold NASD Series 6 and 63 licenses. Where are my review notes when I need them?)

 

FWIW, I'm not sure whether a partnership would be one client or "n" clients in this scenario.

 

Ira Smilovitz