How To Set Up Hedge Fund?

HI,
I got some enquiries about setting up a hedge fund. Here are my enquiries :
1.) What types of company i should register to set up a fund ?
2.) What license should I apply?
3.) For the investors, must they join the company as partners ?
4.) If they don't join the company as partners, how can we accept their fund to invest ?

Your answers and reply are highly appreciated. Thank you

Not a great idea right now. Best to wait a couple of months for the computer guesses about bonds to even out with what is being found out about actual value. Hedge funds in general are tipping over the edge at the moment.

1) The answer to this is very state specific! You need to consult an attorney.
2) This is also a state specific answer, however, you personally must be registered in each state you do business in as an investment advisor under new regs. In PA that will mean you must have $2,000,000 in unimpaired capital that the state could seize should you not do your job properly. It can be very costly depending upon your state of residence and the residences of your customers.
3) Yes or shareholders.
4) You would not be a hedge fund, but you could manage a common pool as an advisor, the funds would then strictly remain their legal property, just like if someone said "hold this for a minute while I go to the bathroom." You would just be a custodian. Depending upon your registration, you may also be required to meet NASD regulations and capital requirements as a custodian on top of any state requirements.

Are you sure you are talking about a hedge fund? for the correct legal structure depends on weather it's taxable or not (if it's not it must be offshore)
Typically it will be an LP and the manager will be the GP (and will have his own capital in the company. The other investors will be LP's.
Investors will have to qualify has an Accredited investor or qualified purchaser.
You will also need to set up Prime Brokerage services.

1) Where? (Country)
2) Where? (Country)
3) No.
4) They open accounts just like a bank.