Posted by John Corey on May 30, 2006 at 07:08:15:
You need legal advice from a lawyer that handles securities.
You are talking about creating a fund where you have control over how the funds are invested. This means the fund needs to be registered with the state and the SEC unless you fit some very specific exemptions. Even with the exemptions you still have specific disclosure requirements.
Have you posted the question to the legal forum?