Structuring a friends/family fund to daytrade

Quote from IWT2008:

Looking for pointers on structuring an account to daytrade.

Myself and 3 others parties (2 friends and 1 family member) will each contribute equal dollar amounts (50k each) into the fund/account.

There would be no interest in seeking money from any other sources.

I would be the only one responsible for the trading decisions.

Would you form an LLC? Limited partnership?

What profit split would you consider fair for your role as the trader of the account?

How/when you distribute profits (if there were any of course)?

What other legalities/tax issues do we need to be aware of?

Thanks in advance
More...
Be aware that daytrading is a losing proposition, most end up losing it all.

Invest long term.

Most charge 2/20% or 30% on profits.
 
On the IB friends and family account you can setup management fees, etc that will be transferred directly from their accounts to yours.
 
got a question on ib's friends and family account. say you have two accounts under management. you buy 1 share of XYZ. how does the trade get allocated?
 
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