State Exemptions From Registration as an Investment Adviser
Learn about the various state exemptions from registration as an investment adviser. Please note that laws, rules and exemptions are subject to change and any state my be out of date.
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Venture Capital Fund Adviser Exemption
The venture capital fund adviser exemption allows advisers to venture capital funds to avoid certain regulations under the Investment Advisers Act. A venture capital fund is a private fund that pursues a venture capital strategy, holds no more than 20% of assets in non-qualifying investments, does not borrow or incur leverage and does not grant investors redemption rights, except in extraordinary cases.
Profits Interests vs Capital Interests
Partners of partnerships, including limited liability companies (LLCs) taxed as partnerships, hold either "profits interests" or "capital interests," each being deemed to be a "partnership interest."
Rule 506(b) vs Rule 506(c)
High level overview of the general differences between Rule 506(b) and Rule 506(c).
Establishing a Substantive Pre-existing Relationship Under Rule 506(b)
Rule 506(b) requires that, prior to offering securities, you establish a substantive pre-existing relationship with the prospective investor.
State Exemptions From Registration as an Investment Adviser
Learn about the various state exemptions from registration as an investment adviser. Please note that laws, rules and exemptions are subject to change and any state my be out of date.
Avoiding Broker Dealer Issues for Funds and Their Managers
Can fund managers pay unlicensed people to help them raise money for a private investment fund?