Need a license to trade for friends and family?

Quote from shorty_mcshort:

In my case if you have 5 or fewer clients you must register with the state and be qualified. That means you have to have the series 7.


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Did you mean to say five or more clients?
 
Quote from 88888888:


I have talked to a few hedge funds and they get around having to register because the entire fund is considered 1 client regardless of how many people are partners in it.


Are you sure this is the case?
No am not 100% sure but I think this is a common understanding in the hedge fund community. Ask around to see if you get the same answer i would like to know if you get something different.

Can you provide the source of information? An URL would be very helpful!
It would be on a state by state level so you would have to check out the state in which you live. Most don't make you register if you have just a few clients and since the hedge fund is considered just one client then you don't have to register with your state securities regulator. In my case this is the URL
http://www.wvsao.gov/securitiescommission/
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alright so if I understand this right, if I decide to trade for other people formally, like through a trading organization that I would create, I would need a license to trade ? if yes, how do I get a license to trade ? do I have to be of a specific nationality ?
 
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