b'the SEC. Private fund advisers that take advantage of the small adviser exemption are not exempt reporting advisers under federal law because they are not making use of the venture capital fund adviser exemption or the private fund adviser exemption.State Requirements Exempt reporting adviser states, to name just a few examples, such as, Arizona,California,Delaware,Indiana,Iowa,Maine,Maryland, Massachusetts, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, Oregon, Rhode Island, Texas, Vermont, Virginia, Washington, Wisconsin and Wyoming, each use the NASAA model rule (or a variation thereof). As a condition to using the NASAA model rule, the private fund adviser must File Form ADV Part 1 to register as an exempt reporting adviser.The SECs Form ADV Part 1 is 83 pages long. You can review it at:https://www.sec.gov/about/forms/formadv-part1a.pdfThe form ADV is daunting, to say the least, and will take you many, many hours to complete, if you can even get through it. You will likely need to hire a company that specializes in RIA registrations to help you complete it. Additionally, you must file annual updates (at a minimum) and may become subject to other reporting requirements.If your state (or the states where your investors reside) requires it, you may also have to register your asset management company (or a member of your company) as an investment adviser in those states. State investment adviser requirements vary from widely from state to state. Some states have no requirements until you achieve a certain level of AUM. Others may 143'