hosting tourneys illegal?

I am planning on hosting a tournament for roughly 20-30 players with a $60 buyin with a $30 buyback in texas hold'em. Winner gets $1000 2nd gets $200 and Third gets $90. Of course I would pocket the remaining buybacks, for hosting and getting people interested.
If anybody has an idea of the legality of the situation please post a message.
thanks,
jon