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Ugh...
1) Did you think about searching the forum before you posted this? Some Asshole wrote a rather nice post about this and it's still fairly valid today.
2) The Series 7 does not allow you to sell securities. It allows you to put yourself out as a agent who can transact in any securities transaction that does not require a specific license (ie commodities, insurance or real estate) on behalf of others. HOWEVER, you cannot engage in anything on the sell side without having your Series 63 or your Series 66 on top of your Series 7 license. Having authorization to sell (ie Having completed the Series 7) does not mean you can legally do so. This has to do with abiding by the Uniform Securities Act and various Blue Sky Laws enacted throughout the US. Just because you have a license does not mean it's valid without all its parts.
3) Google is your friend. Really... it is.
4) Unless you are an RIA, you don't need any licenses on the buy side except if you are trading anything that is covered by the Series 3. This has to do with the fact that the National Futures Association will not let anyone trade futures or commodities without being Licensed.
Why in gods name would you think you need a license to raise capital for buyside funds anyway?
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