I would like to create an investment club with 10 or less people that I know. I am curious around how to do it, if there are legal ramifications, the reccomended contribution amounts, how to draft a charter and bylaws, etc. I am setting this thing up from scratch.

Check out the NAIC website, at http://www.betterinvesting.org/about/ . The National Association of Investors Corp has information about how to set up an Investment Club.Also, the Securities Exchange Commission (SEC) directs you to the NAIC site: see http://www.sec.gov/answers/clubs.htmYou may also want to check out: http://www.wildcapital.com/starting_club.htm . There you can get some ideas as to how to organize your club, and establish the rules (bylaws).Best of Luck!

Starting an investment club is such a wonderful experience. In a nutshell, the steps you nee dto follow are:1 - find a group of people who are interested in being a part of the investment club2 - Set up a meeting with these people to decide how the club is going to be run, what is the frequency of the club meetings, how much money will be invested, etc..3 - Elect officers4 - Set up a business entity 5 - register the entity and apply for a tax id #6 - decide on a broker7 - Start ainvesting!You can find more info at:http://www.investmentclubhelp.com