Asset management by a proprietorship company?

Hi,

I have a question and I hope someone can help me here.

I am a financial consultant and intend to take up asset management. Now I am planning to open up a proprietorship company and will ask my client to deposit their monies in the account.

Now,
what are the legalities that I need to take care of?
how about taxation? will there be double taxation and if so how can I avoid it?
Is it possible to avoid double taxation if all my clients sign participatory notes and becomes participant in the said proprietorship company?

Thanks for the help, hope to hear from a learned one soon.