A new copolymer of N-[(tert-butylperoxy)methyl]acrylamide (tBPMAAm), containing a primary–tertiary peroxide group and maleic anhydride (MA), was synthesized and employed as a reactive surfactant (inisurf) for the emulsion polymerization of styrene to yield surface-functionalized (peroxidized) reactive latex particles. The copolymerization characteristics were analyzed to determine the monomer reactivity ratios and to provide a way to control the copolymer composition. The ability of tBPMAAm–MA to act as a reactive surfactant during emulsion polymerization was confirmed by the synthesis of monodisperse polystyrene latexes of varying particle size. In addition, peroxide groups were localized on the surface of the particles in a controllable amount (depending on the copolymer concentration), thus, providing the opportunity for further modification of the surface of the particles. This novel copolymer is expected to be a promising and efficient material in the synthesis of functional polymer nanoparticles with well-defined core–shell morphologies.