Securities license?

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If I have an investment fund with some friends and another person I do not know wants to put in money, do I need to have any type of license to trade other people's money within a corporation I own?

Is there any law requiring a corporation's management to have accreditied credentials to trade other people's money?

I'm not talking about selling stocks as a broker. I'm talking about TRADING other people's capital.

Thanks for the help!
Good question. I think it would probably be necessary to speak to a specialist about exactly what you are planning to do. In areas this specific it would seem doubly important so that you know just how far the boundaries extend in the course of business. While someone can probably give a better answer, there are too many specific details here that could change the answer to the question. Given the cost-benefit, you are better off doing this the right way the first time around. ;)
With detailed issues like creating investment companies you definitely want to see a lawyer who specializes in securities in your own state. I think that was a good point made earlier. Securities are usually heavily regulated.
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