Venture Legal

As a Fund Manager, can I provide advice to my limited partners, venture partners, or others regarding taxes, legal matters, etc.?

Asked by:
Community Member
Jul 14, 2023
My limited partners, venture partners, or others who will be a part of my Fund have questions on legal, taxes, etc. What can I tell them? 
1 answer
Accepted Answer
Jul 14, 2023
As a general matter, a Fund Manager should strictly NOT provide any advice, especially with respect to legal or tax matters.

These are highly regulated professions (specifics will vary by country) with specific rules about who, how, and under what type of relationship any such advice may be provided, and crossing the lines opens the door to liability, lawsuits, potentially unauthorized practice of law and more. TL:DR - don't do it.

Decile Partners' subject matter experts may provide generalized explanations and/or guidance. If working with Decile Launch, in particular, additional assistance is usually available. However if specific advice is required or requested, then the safest course of action (for the Fund Manager) is for the party in question to engage their own legal or tax experts. Decile Partners can provide referrals on request, of course, and even provide guidance about how best to work with such experts. 

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