Private lending from multiple people help

[Andrew Wenman]

Hello BP, I have been thinking about financing some more deals and I have several friends willing to give me money to invest. I was interested if there any law that restrict the amount of money an individual can invest with you and if there is a limit on the number of investors you can bring on? I was thinking of doing a first round investment with 20 individuals contributing $20,000 to $30,000 each. I feel if you bring in to many investors you would have to register as a fund with the SEC, but they may have a threshold. If anyone can help out or provide any links that would be wonderful! Thanks Andrew