Hi I am considering starting my own fund, by issuing shares to family members and friends to invest in my fund. (Something like how Warren Buffett started in 1969). I consider this to be better than borrowing money from my family for me to buy shares in my own name... in the sense that they can see it as their investment as well. A few considerations, 1) What is the best structure? Pty Ltd Company or Unit Trust? 2) Say I start out with 1000 shares in the company or trust. And say, people invested a total of $20,000 in my fund. Therefore each share = $20 ? In the event that I want to invite new investors, without any old investors selling, what happens? Do I issue new 500 shares, but how to calculate the price? How does this new issue affect the holdings and price of my existing investors? Please openly discuss.