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Howdy, some "colleagues" (sounds so sterile!) and I are in the process of starting an investment club. We've got our EIN, our Bivio account, our checks, and E*Trade ready to go. We've even got a draft operating agreement (w/ suggestion via the Fool included). The only question in my mind is, do we need a lawyer? and for what exactly? I've got an NAIC book and I've asked around but I can't seem to get a good answer as to why we need to pay a lawyer (the book says consult a lawyer) to do what? File w/ the state? One lawyer said he needed to do background investigations on all the partners (at $80/person). Why? I apologize for the stream of consciousness but I'm not sure what is the next step before we place our first trade. Thanks!
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