Most investment clubs don't need to register with the SEC, but a few do. To get a detailed list of the scenarios that require SEC registration, visit the SEC Web site at www.sec.gov. Also contact your state securities regulator to find out about regulations that are specific to your state.

As long as all people in the investment club contribute to choosing the securities investments, the investment club doesn't issue shares to its members, and the investment club is limited to fewer than 100 people, it shouldn't have to register with the SEC.

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