Tennessee Clauses Relating to Venture Interests
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FAQ
Finally, to be considered as exempt venture capital funds the Investment Partnership's capital must be ?primarily derived from investments by individuals and/or entities which are neither related to nor affiliated with the fund.? Section 18(a)(5) of Public Chapter 982 of the Public Acts of 2000.
In Tennessee partnerships are generally taxed as pass-through entities, meaning the profit and losses from the businesses pass directly into the partners' personal incomes. While not required to pay a separate business income tax, some partnerships are required to file yearly informational returns in Tennessee.
The venture capital fund adviser exemption allows advisers to venture capital funds to avoid certain regulations under the Investment Advisers Act.
Limited partnerships in venture capital The core component of most venture capital funds is a limited partnership. This is a legal entity used for a wide variety of business purposes in the United States.
An obligated member entity (OME) entails unlimited liability protections and exemption from state taxes. Tennessee levies excises and franchise taxes on all legal entities, unless a company can gain exemption.
There are some exemptions to filing franchise and excise tax. For example, certain limited liability companies, limited partnerships and limited liability partnerships whose activities are at least 66% farming or holding personal residences where one or more of its partners or members reside are exempt.
Venture capital funds are usually structured as limited partnerships, which are pass-through tax entities. This means that the tax payment burden falls on the general partners (GPs) and limited partners (LPs) of the VC fund, and not on the fund itself.
Certain entities under specific circumstances are exempt from paying the business tax. These may include, but are not limited to, people acting as employees, manufacturers, religious and charitable entities selling donated items, direct-to-home satellite providers, and movie theaters.