Okay, now I'm a little confused. I thought a search fund set up as an LLC basically works like a partnership, so accredited investors wouldn't be necessary for that, would they? I was thinking accredited investors were necessary primarily for unregistered but tradable securities in areas like private equity, hedge funds, venture capital, or whatever, but not for a partnership in a business. Were you addressing LLCs, an incorporated search fund, or maybe both?

Here's a useful article on fund structures. Its important the structure be familiar to investors and similarly structure to what they're used to. The good news is that these structures are pretty boilerplate so if you find a competent fund lawyer they can create one for a flat rate. redacted