I want to start portfolio management,which includes buying and selling of stocks/futures/options from the money provided by other people.

A part of the profit goes to the client and the rest remains with me.

Right now I am doing it with the money of friends and relatives and I am consistently giving them a return of 20% per year.

I want to start this on a full scale basis where I would expect customers outside of friends and relatives.

-What are the legal formalities that I have to pass through?

-What are the legal documents that needs to be issued?

-Can I advertise my service publicly?

Any other relevant information apart from the above are most welcomed