Want to start a portfolio managment firm

[Rainbow2000]

I would like to start my own business. I am interested in developing investment clubs and managing investment club portfolios in Michigan. My firm would be responsible for organizing the investment club, handling company research and advising investment club members about stocks and mutual funds as well as executing stock purchases and sales made by our investment club clients. My husband and I realize that we must obtain investment advisor licenses. Beyond this, we are unsure of what direction to take with this venture. We don't know what legal structure would be appropriate for our business or what type of discount broker account we should have. We would like a broker account that allows us to manage multiple portfolios at once. We are also concerned about tax laws and liabilities that might occur from managing these accounts.
Rainbow2000

 

[ALawyer]

You'd need Federal and State Investment Advisor registration and all sorts of legal work done. The place to start is with a lawyer experienced in investment law and SEC matters IF you think you can get the clients and attract the assets and THAT is NOT easy.