I want to start an investment company but I am not a registered investment advisor, how/ where can I start the fund?

I want to start an investment company but I have not yet passed the series 65 exam to become an IA. How can I be exempt in NH from registering as an IA and start my business? I will not have more than 15 clients, will not be offering public advise and will not exceed 25mm in capital per the exemption under sec 203(b)(3) of the investment advisors act 1940. If I am only dealing with friends, family and accredited investors can I set up my company and operate legally? If so, how should I register the company? Can I set it up as a private hedge fund? Should I create an investment club (if an investment club can I get a % of gains if I don't contribute and can I get a salary from the company? If not what state can I start the company to be exempt from RIA laws?