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Tax & Compliance

The Carried Interest Bill Was Not Written for Emerging Managers

Under the Ending the Carried Interest Loophole Act, carried interest holders would owe income tax annually on carry they have not yet received, regardless of whether any cash was distributed that year.
Jun 4, 2026

The 401(k) Alternative Assets Push Is Premature

The retirement savings system is about to get a lot more complicated.
May 6, 2026

California's New VC Diversity Law Creates a Problem for Emerging Managers

Under the current interpretation of the law, managers and sponsors would be required to register and file for each SPV individually, incurring a $175 annual fee per vehicle.
Mar 12, 2026

FIPVCC: California’s Founder Demographic Reporting Law

FIPVCC is a California law about reporting basic demographic information about founders who receive venture capital funding.
Feb 19, 2026

FinCEN Delays AML Rule for Investment Advisers Until 2028

On Monday, July 21, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a two-year postponement to the effective date of a new anti-money laundering rule for investment advisers. Originally set to go into effect on January 1, 2026, the rule will now be postponed to January 1, 2028.
Jul 23, 2025

Understanding the Series LLC: An Optimal Structure for SPVs

A Series LLC is a cost-efficient legal structure that allows multiple SPVs to operate under a single master entity, each legally separate.
May 20, 2025

How Influencers can Legally Raise Capital for Funds and Companies

Many fund managers with online audiences wonder if they can legally raise capital through platforms like newsletters or social media.
Apr 2, 2025

A Guide to VC Fund Taxation

Most venture funds and SPVs are pass-through entities, meaning gains and losses flow through to investors via Schedule K-1s.
Apr 1, 2025

Understanding the Corporate Transparency Act

The Corporate Transparency Act (CTA) requires most U.S. entities, including SPVs and funds, to report their beneficial owners to FinCEN beginning in 2024.
Feb 15, 2024

What the SEC's New Rules Mean for Emerging VCs

The SEC passed five new rules affecting private fund advisers, marking the most significant regulatory shift in VC since Dodd-Frank.
Aug 31, 2023

Starting (and Running) a Venture Capital Fund - Part III: Legal and Regulatory Compliance

Fund managers must comply with multiple regulations when launching and running a fund, including the Securities Act, Investment Company Act, and Investment Adviser Act.
Mar 16, 2023

Round-Tripping: Offshore Tax Considerations

Round-tripping refers to the practice of moving U.S.-earned funds offshore, then reinvesting them in the U.S. to exploit favorable foreign tax treatment.
Mar 9, 2023

Starting (and Running) a Venture Capital Fund - Part II: Key Terms

This post breaks down key fund terms: management fees, fund expenses, carried interest, and the distribution waterfall.
Feb 27, 2023

Starting (and Running) a Venture Capital Fund - Part I: Legal Structures and Players

Venture funds are typically structured as limited partnerships with a general partner (GP) managing the fund and limited partners (LPs) providing capital.
Feb 2, 2023

Understanding the Delaware LLC Structure

Delaware LLCs are the standard structure for SPVs and funds because of their simplicity, flexibility, and legal protections.
Dec 13, 2022

A Guide to QSBS

Qualified Small Business Stock (QSBS) enables investors to exclude up to 100% of capital gains on eligible startup stock sales after a 5-year hold.
Sep 7, 2022

A Guide to Sharing Carry

Carried interest (carry) is the share of profits a syndicate lead earns after returning investor capital.
Aug 31, 2022

A Guide to PFIC

Passive Foreign Investment Companies (PFICs) are non-U.S. companies earning most of their income from passive sources like interest or dividends.
Aug 9, 2022

Considerations of Investing in Web3

Web3 investments like SAFTs and tokens typically do not qualify as venture capital under SEC definitions.
Aug 4, 2022

Understanding the Regulations That Govern Venture Capital

Almost anyone can launch a venture fund or SPV, but they must follow SEC rules governing private funds and investment advisers.
Jul 28, 2022

A Guide to Fund Accounting

Fund accounting tracks every financial transaction in a venture fund, including capital calls, expenses, investments, and distributions, to ensure accuracy and compliance.
Jul 20, 2022

More on JOBS Act 4.0

Sydecar’s CEO, Nik Talreja, submitted a formal letter to Congress in support of the JOBS Act 4.0.
Jun 24, 2022

A Guide to Side Letters

Side letters allow fund managers and LPs to negotiate custom terms outside standard subscription documents.
Jun 17, 2022

JOBS Act 4.0: A New Era for Venture Capital?

The JOBS Act 4.0 proposes updates to democratize access to private markets and modernize venture regulations.
Apr 14, 2022