How do I start my track of record?

Hi,

My friends and I (MBA students) are thinking about to do an investment company or HF in the future. We would like to start a track of record first. We only have few thousands to start with and only plan to invest with our own money for one or two years first.... Here are my questions:

What kind of business entity should we form? Do we need to report to SEC? Do we need lawyers and accountants? How much AUM is enough to consider track of record? Any other tips? Whats the best way to start with our condition?

I am also thinking about starting an investment club instead of a company since its easier, no SEC reporting required. However.... Can I convert this club to investment company / HF in the future with the track records?

Thanks