SEC Costs for Syndication? - What is your cutoff?

[Dan Handford]

As most of you know, there is a large expense ($10k-$30k) when putting together a larger syndicated deal. 

I'm curious to know, at what point do you decide to only bring on a few investors and make them part of the GP to avoid the costs for SEC attorney/docs?

What criteria do you look at when making this decision?

[Ned Carey]

@Dan Handford your post implies there is a dollar number or number of people. You let people join the controlling entity with authority to exercise control because they bring skills to the table that you can benefit from. 

If you will not clearly benefit from others being part of the business; then spend the money to create docs to make them passive investors.

Along the lines of what @Ben Leybovich is saying, only give control to people who are smarter than you or more experienced than you. Of course it is better still to simply pay for that expertise and keep control yourself.