A legal blog on private funds, startups, and venture capital.
A legal blog on private funds, startups, and venture capital.
As most people involved in the investment management industry know, many private investment fund managers will soon be required to register as investment advisers with the SEC, unless they meet certain exemptions, such as the so-called “private fund adviser exemption,”…
One of the things that new entrepreneurs often find most shocking is the degree of restrictions that both the federal and state governments impose on their capital-raising activities. To them, it is simply unbelievable that the government would regulate who…
One of the first formal steps in the process of buying or selling a business is drafting a letter of intent. It’s important to understand that a letter of intent is not the end of the negotiation process but merely…
A bill called the Small Business Capital Access and Job Preservation Act recently cleared the Committee on Financial Services of the U.S. House of Representatives. The bill’s intent is to exempt certain private equity funds from Investment Adviser registration.
Previously, I discussed the impact that the proposed “bad actor” rule will have on angel financings and offerings of interests in private investment funds. By prohibiting the use of Rule 506 of Regulation D in connection with any offering that…
One of the first decisions new business owners face is what type of entity they should use to form their new company. Most likely, this involves a choice between a limited liability company (LLC) or a corporation. These two types…
