We present an effective theory for the bulk Fractional Quantum Hall states in spin-polarized bilayer and spin-1/2 single layer two-dimensional electron gases (2DEG) in high magnetic fields consistent with the requirement of global gauge invariance on systems with periodic boundary conditions. We derive the theory for the edge states that follows naturally from this bulk theory. We find that the minimal effective theory contains two propagating edge modes that carry charge and energy, and two non-propagating topological modes responsible for the statistics of the excitations. We give a detailed description of the effective theory for the spin-singlet states, the symmetric bilayer states and for the (m, m, m) states. We calculate explicitly, for a number of cases of interest, the operators that create the elementary excitations, their bound states, and the electron. We also discuss the scaling behavior of the tunneling conductances in different situations: internal tunneling, tunneling between identical edges and tunneling into a FQH state from a Fermi liquid.