I get paid a percentage plus performance bonuses to manage the investments a
club/partnership. I don't remember the exact numbers but it was something
like 25 million or more than 100 people before you have to report the NASD.
You can look it up on their website. I also think it further complicated
things if you have a securities license.

Those numbers refer to SEC registration as a mutual fund. I would be willing to bet that your state (the state you reside in and the state(s) where each of your investors resides)  has much lower limits before registration and licensing is required.

 

Ira Smilovitz