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Delaware exemptions and reporting requirement for 3(c)(1) fund advisors

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Sep 19, 2023

I understand a 3(c)(1) Qualifying Venture Capital Fund with <$10M in assets and <250 beneficial owners is exempt from reporting and registering with the SEC. However, if the ManCo and GP/LP are all domiciled in Delaware, are there still state-leve...

Top answer:

Generally speaking, a fund's domicile is not the same as the fund manager's (advisor's) place of business. It is very rare (I believe I have seen it once) for a fund manager to actually live/work in Delaware (thus potentially necessitati...

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

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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? 

Top answer:

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, an...