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HEDGE FUND CENTRAL

STARTING A HEDGE FUND

Qualified Clients

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HEDGE FUND TAXATION

History of Hedge Funds

PERFORMANCE FEES

INCUBATOR HEDGE FUND

Hedge Fund Regulations

Hedge Funds Explained

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CHECKLIST FOR HEDGE FUNDS

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OUR STORY

LEADING MEDIA CONTENT



Meet Hannah Tribune

Offering Legal, Tax, Trust & Banking Services to
Hedge Funds & Money Managers
 Worldwide

WE WILL HELP YOU We are on the cutting edge of hedge fund development and launch. We invite you to share your dreams with us. You may need one or all of the following: an incubator (a startup), a family fund, offering documents (prospectus), subscription agreement, an SEC Form D filing, and state (blue Sky) filings, state or SEC investment adviser registration (RIA), tax services, a launch audit, a seed capital audit, tax return services, annual fund audit, or perhaps fund administration.

PLAN Plan for tax and regulatory considerations as you develop your proposition to start a hedge fund.  Read our Checklist for New Hedge Funds Take time to build a marketable trading record that can be used to attract investors to the fund in the future. We remain available to assist you during and after the hedge fund development and launch. We provide services at a low cost. We invite you to read what our client testimonials and our numerous articles published in the media worldwide.  Questions? Call us (307) 739-6492 or write to us.

WORK WITH US We offer the services and support needed to start a hedge fund and our prices are among the lowest in this niche industry. We work closely with you. There is a steep "learning curve" to consider to get a hedge fund setup properly. We make the fund launch process as easy as possible for you. We prepare the private placement memorandum subscription agreement in accordance with your needs informed by industry knowledge and expertise.  We understand your needs better than anyone else and developed services to meet the expectations of traders and new fund managers. We help you set up quickly and, in many cases, industry compliant hedge funds are developed and launched in three weeks or less.  Questions? Call us (307) 739-6492 or write to us. We look forward to working with you soon!

SET UP A FUND TODAY Market conditions have never been better for setting up a hedge fund. Investors prefer to have money managed on a personal basis and closer to home these days. Investors are trending away from the Wall Street rigged cons and heading toward Main Street when seeking help with their portfolios. It is no secret that small and customized hedge funds are attracting investors in droves. Traders that only dreamed of making a living by managing money for others are turning those dreams into reality for themselves and so can you. Core services include the following:

  • Forming the Fund & its Investment Manager
  • Preparing the Private Offering Memorandum (PPM) & Subscription Document
  • Preparing an Investment Management Agreement
  • Registering Investment Advisers with the SEC or state & Commodity Pool Operators
  • Filing SEC Form D for the Fund and related state filings
  • Reviewing Sales & Marketing Materials
  • Reviewing Websites
  • Establishing Relationships with Fund Administrators, Accountants, Custodians, Placement Agents & Brokers
  • Tax Planning
  • Advising on Third Party Capital Introductions 

Questions? Call us (307) 739-6492 or write to us. We look forward to working with you soon!

AT THE END OF THE DAY Read our Client Testimonials spanning 20 years. We know that startup funds and new investment advisers have many special needs. We work with entrepreneurs with smaller budgets as well as those that need hand holding through the process of launching a new business. If you are starting a large hedge fund and you have an industry pedigree and capital commitments of $20 million or more, you may want a larger, well-known law firm. However, if you are a setting up a small hedge fund know that brick and mortar law firms do not want your business. We do. Our goal is to tailor our legal solutions to meet your specific needs. We listen to you and do not force standardized legal and accounting solutions on you. We start with consultations. Our prices are great extremely competitive and our values are high! We look forward to working with you soon!  We hope you give us an opportunity to be part of your success.  Questions? Call us (307) 739-6492 or write to us.

LEADING MEDIA CONTENT Read helpful articles on hedge funds and international tax planning by Hannah Terhune, a leading hedge fund and international tax attorney.  Hannah Terhune's articles are hedge fund and tax planning articles are widely published on the Internet and recommended by TheStreet.com and other respected media. Contact Us for Articles & Reprint Rights

Incubator Hedge Funds For active traders who want to start a hedge fund either in the United States or offshore (outside their home country), it is a good idea to start out with an incubator fund. Starting with an incubator fund can save you a lot of money upfront and is in many cases the best and least expensive way to start an investment advisory business. The incubator fund strategy allows you to create a performance record that can be marketed in the fund's private placement memorandum (PPM) and shared with prospective investors.

To get a better perspective, read our article "Establish a Marketable Track Record with an Incubator Fund" and our interview with RealWorld Trading. The incubator fund strategy has been used by many to start their own forex fund, commodity pool, offshore fund, and master feeder fund. The key difference between a full-fledged hedge fund and an incubator hedge fund is the ability to charge performance and management fees and the availability of offering documents.  Learn More About Incubator Hedge Funds  Ready to get started? See our testimonials! Please consider a consultation with us. We look forward to working with you soon.

Hedge Funds Starting a hedge fund to manage your or customer money is good business.  Learn More About Starting a Hedge Fund Market conditions have never been better for setting up a hedge fund. Investors prefer to have money managed on a personal basis and closer to home these days. Investors are trending away from the continuing cons on Wall Street and heading toward Main Street when looking for help with their portfolios. It is no secret that small and customized hedge funds have taken up residence on Main Street and are attracting investors in droves. Traders that only dreamed of making a living by managing money for others are turning those dreams into reality for themselves and so can you. Starting a hedge fund can be your ticket to wealth and financial independence. Many traders are surprised to learn how easy it is to start a hedge fund and help friends, family members and others benefit from their trading skill! Successful, active traders who start a fund not only benefit from trader tax status (relevant in the United States) but in many cases are able to share those tax benefits with others. If you are planning to set up a fund, would you like to know more about the process and costs?  Read How to Start a Hedge Fund, Como Crear su Proprio Hedge Fund and see our Hedge Fund Startup Checklist.  Do you want to set up your fund with performance fees that use competitive hurdles rates, side letters, and a mark-to-market election? Worried about a due diligence review? Can your fund have a regulatory compliant website? Do you know when you need an offshore fund or a master-feeder fund and why they attract the largest institutional investors in the US? [More].

Offshore Hedge Funds Interested in starting an offshore hedge fund?  The best approach is to start an offshore incubator hedge fund.  It is easily converted to a full-fledge hedge fund with offering documents at any time.  We are one of the leading hedge fund law firms assisting new hedge fund managers worldwide.  Learn More About Offshore Hedge Funds

Hedge Fund Offering Documents It is good and common industry practice to provide hedge fund offering documents to your investors.  Learn More About Hedge Fund Offering Documents 

Offering Documents Review Service Are you writing your own offering documents and need them reviewed by an experienced lawyer?  Contact Us for Assistance 

Spot Forex, Managed Futures & Commodities If you trade spot forex, futures or commodities on behalf of a private customer or a hedge fund -- you are a commodity trading adviser (CTA) and/or a commodity pool operator (CPO).  Learn More About Running a Forex Fund or a Commodity Pool The basic way to trade foreign currencies is on the cash (spot forex) market. Setting up a fund that trades spot forex is easier than setting up other types of funds. Read Forex-Trader to Forex-Fund Manager: The Path to Success, Forex Hedge Fund Management and Gestion de los Hedge Funds de Forex. If your fund trades in futures contracts, commodity options (including options on futures contracts), leverage contracts involving certain precious metals, or futures contacts and commodity options traded on a board of trade, exchange or market located outside the United States (foreign futures and foreign options), your fund is a commodity pool. When does a currency transaction involve a futures contract? This issue has presented difficulties over the years for the CFTC, brokers and traders alike and will undoubtedly come more to the fore as the CFTC steps up its patrolling of the boundaries of the law in the wake of the increased popularity of forex trading and forex funds. [More]

Commodity Pools A modest level of commodity trading can result in a commodity pool.  The very breadth of the definition of a pool is a trap for the unwary. A fund that does not itself trade in futures contracts or commodity options but invests in commodity pools is itself a commodity pool. Read Must I Register as a Commodity Pool Operator? If your fund trades currency futures and options, foreign currency commodities and options, then it too is a commodity pool and you are you are subject to regulation by the CFTC and NFA. There are key exemptions from NFA registration. A CPO that operates an exempt pool does not have to take the Series 3 Exam or join the NFA.  [More]

U.S. Company Formations The United States is the top tax haven in the world.   We provide company formation, registered agent, registered office & virtual office services in Wyoming, Florida and Delaware -- all in the top 10 U.S. States ranked best for business.  No matter where you live there are good reasons for incorporating in the United States.  Learn More About U.S. Company Formations

Hedge Fund Performance Reports Do you or your existing hedge fund already have a good track record?  Let us create your trading performance audit.  Learn More About Hedge Fund Performance Reports   We create the financial statements and hedge fund offering documents you need to raise capital and attract investors to your hedge fund.  Contact Us for a Free Consult

Investment Advisers and Hedge Fund Managers Do you have to register as an investment adviser? Virtually all money managers meet the definition of “investment adviser” or "investment adviser representative" and must register. For many it will be clear whether they must register with the SEC or their home state. Should you register as an investment adviser if you write an investment newsletter? Each state’s rules are different and very few fall qualify as an exempt newspaper publisher. Can your new advisory firm have a website? Yes, but if you are launching a new fund at the same time, tread lightly. When do you have to file SEC Form D? Be wary of the term "offer" as sending even an executive summary constitutes an offer if it recites price or terms. Providers of investment advisory and brokerage services have special concerns. State blue sky laws take an expansive view of what is a "broker-dealer" and in many cases issuer representations must be made to avoid problems. [More] U.S. investment advisers must register a with the Securities Exchange Commission (SEC) or their home state securities commission unless an exemption registration applies.  Are you based outside the United States but have U.S. customers?  You may have to register with the SEC.   Learn More About Investment Advisers Registration

Hedge Fund Regulatory & Blue Sky Filings Hedge funds operating under Regulation D must file Form D with the SEC annually;  many other filings are required of hedge funds.  Learn More About Hedge Fund Regulatory & Blue Sky Filings

Hedge Fund Administration, Hedge Fund Tax Returns & Audits Investors and regulators see value in the appointment of a third-party administrator.   Our work product includes detailed NAVs, performance records, brokerage statement reconciliation, Schedule K-1s, tax returns and much more!   View Sample Hedge Fund Client Statements, Monthly Management and Institutional Reports 

Trader Tax Services & Mark-to-Market Elections One benefit of being a trader in securities is the ability to elect the Mark-to-Market (MTM) method of accounting.  The tax election is available to an active trader and not to an investor in securities.  Learn More About Trader Tax Services 

Taxes We offer a broad range of tax and wealth advisory services. The United States is tax haven for foreigners if they set up correctly. Many foreigners have US brokerage accounts and wonder if they will owe US taxes. In many cases, US tax liability does not exist. Ownership of an interest in a US business (such as a proprietary trading firm) can trigger exposure to US taxes. Many people talk to us about tax planning issues, whether to form a company in the US or elswhere, tax planning and wealth protection. [More]


ARE YOU AFRAID OF WHAT YOU DO NOT KNOW? Get answers to your specific questions by speaking directly to Hannah Terhune, an experienced hedge fund and international tax attorney. Ms. Terhune's hard-earned knowledge and experience can be utilized, as a tool, to save you unnecessary steps and costly wasted effort. The consultation is an invaluable opportunity to speak to Hannah one-on-one and learn how to achieve more in less time. As a result, you can anticipate that the return on your investment will far outweigh the costs associated with our unsurpassed services. Ms. Terhune's credentials reflect an invaluable resource that combines a well-informed professional practitioner with sound ethical judgment that Is unparalleled in the industry. The expertise required to recommend the best solutions and provide sound advice should never be taken lightly. When you are finished with your consultation, you will be both impressed and informed about your business plans.  Contact Hannah Terhune now!
We have both regulatory experience and the understanding of the foreign exchange and securities markets.  Each client receives personalized attention from our attorneys and staff.   No client is too large or small though because of our boutique size.  We pride ourselves in providing personal attention to each client. CMSG provides the best services and support needed for hedge funds and business projects.  No need to coordinate work between different firms--we handle the entire business process from start to finish.  We offer accounting, tax planning services, tax return preparation, business consulting, and U.S. and international company formation services.  Our professionals provide the highest quality services at  competitive rates.  But don't take our word for it, give us a call and let us prove what we can do for you. Read our Leading Media Articles, Customer Testimonials and learn more About Us.


WHY HIRE US? When you hire us for hedge fund you get a unique combination of securities, tax, and international experience, focused on the trader niche. We are one destination for special hedge fund and trader tax needs. We think we have the best set of offering documents based on the current and ever changing federal, state, and offshore securities, commodities, and tax laws. We aim to and deliver quick turnaround times. 
We understand that clients want to begin business as soon as possible. We conceive, structure, and deploy the best strategies. Our customers value our one-stop shop relationship. We help you start your business and continue to assist you. Our tax services affiliate handles accounting, software, and tax compliance, including all tax matters (tax planning and tax returns). Only one thing counts with us and that is our customer relationships!

We are one destination for all your very special hedge fund and trader tax needs.  We think we have the best set of offering documents based on the current and ever changing federal, state and offshore securities, commodities, and tax laws. We aim and deliver quick turnaround times, because we understand that our customers want to begin their money management business as soon as possible.

We conceive, structure, and deploy the best tax saving strategies into your hedge fund vehicle (for the benefit of the manager and their investors) and your management company. Investors value tax-savings strategies and we utilize all our special knowledge and ideas in this area.  Our customers value our one-stop relationship.   We will help you start your business and continue to assist you. 

PERSONAL CONSULTATIONS You get answers to your specific questions by speaking directly to Hannah Terhune, an experienced hedge fund and international tax attorney.  Ms. Terhune's hard-earned knowledge and experience can be put to work to save you unnecessary steps and costly wasted effort.  The consult is an invaluable opportunity to speak to Hannah one-on-one, and learn how to achieve more in less time.  As a result, you can anticipate that the return on your investment will far outweigh the costs associated with our unsurpassed services. 

Ms. Terhune's credentials reflect an invaluable resource that combines a well-informed professional practitioner with sound ethical judgment that cannot be over-estimated.  After reading our many leading articles and web content, you will probably have questions for us.  The best way to get quick answers to your specific questions is to speak directly to one of our leading attorneys. When you buy a 30 or 60 minute consultation, we contact you quickly to schedule. Most of our clients begin with a consultation by phone and then use email to follow up. The expertise required to recommend best solutions and provide sound advice should never be taken lightly.

We are confident that when you are finished with your consultation, you will be impressed and more informed about your business plans than ever before. Call (307) 213-4732 or Click Here to Request Services.

LEADING MEDIA CONTENT & ARTICLES ON HEDGE FUNDS & INTERNATIONAL TAX

Read articles on hedge funds and international tax planning by Hannah Terhune, a hedge fund and international tax attorney. Her articles articles are widely published on the Internet and recommended by TheStreet.com and other respected media. Contact Us for Articles & Reprint Rights Follow @HannahTerhune

Capital Management Services Group, Inc. is an authority in the hedge fund industry. It is a forward-thinking law firm focused on creating long-term collaborative relationships with a select group of clients interested in the same. It strives to provide “high touch” service and perform a defined set of legal and other services with impeccable efficiency.

Offering Exceptional Care for a Select Few Capital Management Services Group is a small law firm catering to active investors, active traders, day traders, investment advisers and hedge funds worldwide. We offer comprehensive legal, tax and accounting services. We also offer hedge fund development services, small business planning, wealth preservation and wealth management services, and asset protection services. Our goal is to offer exceptional care for a select few.

Concierge Service We offer corporate “white glove” concierge service to select clients. We set up many types of funds, provide business advice and offer ongoing support to all clients. We try to help people as their needs evolve. Our best ideas are not on this website. Are you trying to develop a tax or regulatory footprint outside of your home country? We offer extended office services in Delaware and in other locations beyond the industry norm. We offer unique ideas and the bandwidth to implement them. We offer tax planning services, tax accounting, books and records preparation, and tax return filing services. If you have a business plan that is unique, know that countries offer “sandbox” regimes for businesses that do not fit into an existing regulatory framework.

24/7/365 Service You may have an unusual situation that needs special attention. We are ready to help. We offer complete 24/7 access and great working relationships. We are simply second to none. Think outside the ordinary. Our best ideas are not on this website. When you consult with us, you have access to a unique and desirable blend of personalized, yet, professional experience. Give us the opportunity to put our knowledge and expertise to work for you. We provide high quality services at competitive rates.  We look forward to connecting with you personally and are confident that you will be impressed.  We help our clients as their needs evolve and take pride in maintaining long term relationships with our clients.

Henry David Thoreau wrote: "Do not hire a man who works for money, but him who does it for love of it."  We are committed to bringing you the best possible options.  We are an internationally recognized business serving clients while educating the industry. We do this by striving for the best results. We are a law firm and not a document chop shop.  A lawyer is a philosopher and role model. The ability to improve client lives is a privilege that we do not take lightly. There is tremendous power in being able to effect a positive change in the world.

Thanks for visiting our website!  We hope to have the opportunity to serve you. The views expressed on this website are subject to change based upon new information, new technology, consideration of new perspectives and/or for no reason at all. This website exists for educational purposes and nothing on this website should be considered as legal advice. Website content and design are copyrighted 2025© by Hannah M. Terhune and all rights are reserved.