Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited.

Legal documents required for managing an investment portfolio among friends?
You have to register with the SEC as an Investment Company. The SEC has a "Investment Company Regulation and Registration Package", available here: http://www.sec.gov/divisions/investment/invcoreg121504.htm  I found that off their overall page for funds and advisors: http://www.sec.gov/divisions/investment.shtml  Finally, bear in mind that your state may have various requirements as well.