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Management Fees

BCLP

A Capital Blow for Deducting Management Expenses

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The Supreme Court confirmed in Centrica Overseas Holdings Ltd v HMRC that the tests for trading and management expenses of a capital nature are the same. The decision also confirms that once a company has decided in principle...more

Stevens & Lee

PA’s Corporate Practice of Medicine Doctrine: Challenges and Compliance Surrounding Management Services Agreements

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Pennsylvania’s corporate practice of medicine doctrine can be challenging to navigate, especially when setting up arrangements between a management services company and a professional entity, such as a medical practice. The...more

Smith Anderson

What Limited Partners Should Know About Soroban

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The Tax Court’s use of a functional analysis test to determine limited partner status in Soroban Capital Partners LP has had a ripple effect in the world of asset management. The decision’s impact will be felt in the tax and...more

Cadwalader, Wickersham & Taft LLP

Miami Bound: See You There February 2024 - Financing Management Fees

The primary purpose of a capital call facility is to provide bridge financing to a fund borrower that may be drawn upon, in lieu of calling capital, to make investments in accordance with the fund’s business purpose. In...more

Ankura

How Health Systems Can Use Financial Metrics to Inform Real Estate Capital Management Decisions

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Today, maximizing the use of your limited capital is especially important because: margins continue to be squeezed, access to capital has become more difficult, the cost of capital continues to rise, the cost of...more

Harris Beach PLLC

Capital Financing Options for New York’s Burgeoning Cannabis Industry

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As New York’s legal cannabis market heats up, many who are intended to benefit struggle with financing the launch of a new business and are at risk of becoming victims of predatory lending practices. While New York state...more

McCarter & English Blog: Government Contracts...

No Harm, No Fraud: The Supreme Court Narrows the Application of the Wire Fraud Statute and Unanimously Overrules the “Right to...

Most experienced contractors have a healthy fear of the various types of fraud claims: False Claims Act, federal and state wire and mail fraud, common law fraud, etc. They know that enforcement authorities are always looking...more

Lowenstein Sandler LLP

The SEC and Management Fee Offset and Step-down Enforcement Actions–Not Without Warning

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As we previously wrote, the Securities and Exchange Commission (the “SEC”) proposed several rules that would impose additional requirements on private fund managers (“Managers”), many of which relate to various types of...more

Paul Hastings LLP

SEC Issues Updated FAQ on Marketing Rule

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Recently published guidance by the SEC staff from the Division of Investment Management (the “Staff”) is likely to have a significant impact on marketing materials prepared by investment advisers marketing new private funds....more

Venable LLP

IRS Ruling Provides Insights on Compensation Options for Managers of Tax-Exempt Bond-Financed Hotels, CCRCS and Similar Facilities

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​​​​​​​Facilities owned by nonprofits and government entities are frequently financed with tax-exempt bonds and managed by for-profit management companies. To avoid tainting the tax-exempt status of the interest payable on...more

Holland & Knight LLP

Circuit Courts of Appeal Uphold Dismissal of 401(k) Fee Challenges Post-Hughes

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Following the U.S. Supreme Court's decision in Hughes v. Northwestern University, courts around the country continue to articulate the pleading requirements for a breach of duty of prudence claim under the Employee Retirement...more

Proskauer - Employee Benefits & Executive...

Defendants Secure Motion to Dismiss Victories in Three Post-Hughes Decisions

In April, we wrote here about the discouraging trend of opinions allowing commonly asserted breach of fiduciary duty claims in 401(k) and 403(b) plan investment litigation to survive motions to dismiss. While it may be too...more

Seward & Kissel LLP

SEC Charges Schwab for Misleading Investors about Robo-Adviser’s Fees

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On June 13, 2022, the Securities and Exchange Commission (“SEC”) entered a settled order (“Order”) against three of The Charles Schwab Corporation’s investment adviser subsidiaries (collectively, “Schwab”) on charges that...more

Rivkin Radler LLP

Unreasonable Compensation As Constructive Dividend, Redux

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An often-explored theme of this blog is the frequency with which similarly situated owners of similarly situated closely held business, facing a similar set of economic circumstances, and presented with a similar set of...more

Bass, Berry & Sims PLC

Exploring Exits & Family Business Dynamics: Key Takeaways from Smart Business Dealmakers Conference

On March 23, Bass, Berry & Sims once again sponsored and participated in the Smart Business Dealmakers conference in Nashville, Tennessee. The full-day conference included over 200 middle-market CEOs, top private equity and...more

Rivkin Radler LLP

Constructive Dividends and The Closely Held C Corporation

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Withdrawing Value- Any tax adviser who has represented closely held businesses and their owners long enough realizes there are certain recurring themes that transcend the otherwise unique characteristics of the industry of...more

BCLP

Review of the UK Funds Regime: HM Treasury sets out conclusions and next steps to improve UK’s attractiveness for funds

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On 10 February 2022 HM Treasury published a response document (Response) to its January 2021 ‘call for input’ on a review of the UK funds regime. The review was necessarily wide-ranging, covering direct and indirect tax,...more

Roetzel & Andress

Structuring DSO/MSO Healthcare Ventures and Practice Acquisitions

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Many states require medical, dental and other types of practices to be owned by licensed health care providers. However, certain business structures, including using a Management Service Organization (MSO) or Dental Service...more

Rivkin Radler LLP

Employee-Shareholders, Reasonable Compensation And Employment Taxes

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Movement Toward Tax Increases- You may have read last week that Democrats on the Senate Budget Committee announced they had reached a deal on a budget resolution that will enable them to bypass Senate Republicans on the...more

Cadwalader, Wickersham & Taft LLP

Management Fee Lines: Just Like Subscription Lines, Except Different

In-person client presentations have taken a hiatus in the last year plus, but when they were occurring, the question, “Are you seeing a lot of management fee lines these days?”, would always come up. ...more

Farrell Fritz, P.C.

Corporate Tax Hike On The Horizon: Using Reasonable Compensation To Withdraw Value

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Corporate Rate Increase? We begin this week with the Senate having passed the President’s $1.9 trillion coronavirus relief and economic stimulus plan (the “American Rescue Plan” following a marathon session during which...more

Freeman Law

The Tax Court in Brief - January 2021

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Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. The Week of January 18 – January 22, 2021 - Adams Challenge (UK)...more

Dechert LLP

SEC Proposes to Modernize Disclosure Framework for Mutual Funds and Exchange-Traded Funds, Modify Fee Information in Investment...

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The Securities and Exchange Commission on August 5, 2020 unanimously approved proposed rule and form amendments (Proposed Rule) that would comprehensively revise and update the disclosure framework for mutual funds and...more

Eversheds Sutherland (US) LLP

Regulators have bank deposit sweep programs in their sights

Coming on the heels of the share class initiative, the US Securities and Exchange Commission (SEC) is at the initial stages of another initiative involving concerns about adviser disclosures and conflicts related to bank...more

Dechert LLP

Third Time Lucky? The ILPA Principles 3.0

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The Institutional Limited Partners Association (“ILPA”), the body that represents members of the international limited partner community, has recently revised its Principles for Fostering Transparency, Governance and...more

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