First write everything down. Who paid in what, get things notarized, etc etc. Keep track of who is going to get paid what and let everyone know that they can lose everything. Write up HOW decisions are going to be made regarding the portfolio...
Even if they don't lose, put it in writing before hand.
Don't put yourself out there as the 'organizer' otherwise later on people could come after you.
Also you cannot take a cut of the profits. You can only get $ based on what you put in, otherwise you can get in trouble with the state. IE you cannot charge fees or take out money for admin costs etc.
First write everything down. Who paid in what, get things notarized, etc etc. Keep track of who is going to get paid what and let everyone know that they can lose everything. Write up HOW decisions are going to be made regarding the portfolio...
Even if they don't lose, put it in writing before hand.
How very true. Keeping track is essential, and I've come to think that everything should be 100% in-or-out, meaning everyone always pays the same. Trying to separate profits when one person put in a quarter of what everyone else did means only more headaches.
Plus, I'm dealing with several poker players here. I think they're understandable with losing the money they put in. Heck, their odds are better at this than poker most of the time!
otherwise you can get in trouble with the state.
Very sound advice. Thank you very much. Administering fees, etc, really wasn't in my plans, but good to know. If everything is decided as a group, there's less of a chance, as you mentioned, as me being coined the organizer.
I am positive we'd need to have a 'rules meeting' of some sort and come up with ground rules for the group. Rules, such as, a unanimous vote is required to invest the group's pool, or something like that. If you can think of any ground rules that would be very good to mention, please, by all means, let me know!