Pooling resources and assets is what a corporation is all about. None of the shareholders can create something of lasting value on their own but together they can. The sum of all of our capital is greater than its parts. This is also the beauty of investment funds. Where a group of like minded investors can put together their money and get more bang for their buck. They can leverage their collective investment purchasing power and leverage better terms as a group versus doing it individually.
The danger begins when capital is being pooled but when any of the contributors loses control of their own money. When that occurs and the investor is a passive investor relying on the others, they have probably now purchased a security in the investment group and the “club” leader is now an investment adviser with a set of securities regulations to abide by.
If you are uncertain about whether or not your group is towing the line, contact a securities lawyer. This is typically worth the $400 or so for an hour of attorney time just to bounce ideas off of them and get some advice. Even if you don’t change your investment plan or fundraising strategy, you will probably learn something for a seasoned securities lawyer that will make your investment club better at what they do.