b'require that you take a test, get a license, and make periodic reports to the state. The state could also place further restrictions on whom you can allow to invest, over and above the accredited and sophisticated requirements imposed by The Securities Act of 1933. You will likely need to hire a companythatspecializesinRIAregistrationstohelpyoudothis.Itis important to note that each state may have different rules and requirements, and you should consult with the securities regulator in the state where you are located (or where you have investors) to determine if registration is required. ERA With Less Than 15 Clients If you are an exempt reporting advisor using as an exemption 3(c)(1) or 3(c)(5)(c) and have less than 15 clients, you may not have to register with the state securities regulator in some states. It depends on the state in which you are located and the specific rules of that state. Generally, states have their own regulations governing the registration of investment advisors and the exemptions available to them. Additionally, there may be other factors that could trigger registration requirements even if you have fewer than 15 clients, such as the amount of assets under management or the types of clients you serve. That being said, itisimportanttonotethateachstatemayhavedifferentrulesand requirements, and you should consult with the securities regulator in the state where you are located to determine if registration is required.144'