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July 07, 2023

Business Vantage Point Blog

Below is a recap of recent posts to the Stradley Ronon Business Vantage Point blog. Articles on timely topics impacting ownership, operation and financing of businesses across industries written by our trusted advisers are posted regularly on the site. If you haven’t yet subscribed, please click here to ensure you don’t miss any upcoming articles.


The Pregnant Workers Fairness Act – A Compliance Roadmap
This year marks the 30th anniversary of the federal Family and Medical Leave Act (FMLA), which includes a right to up to 12 weeks of unpaid leave for the birth, placement for adoption or bonding with a child for employees of larger employers. While many employers may already be adept at compliance with the FMLA or its more expansive state or local counterparts, the new Pregnant Workers Fairness Act (PWFA) expands employer obligations even further with regard to pregnant employees and employment applicants. Read More...

Through the Looking Glass: Navigating Software and AI in the Age of Alice
Artificial intelligence (AI) is a driving force behind advancements in software and computer-implemented innovation, and it raises important considerations with patents. In the world of AI, patents can cover more than just hardware components – they can also encompass new software functionality, computer processes and innovative solutions. Patents play a critical role in protecting the underlying technology that allows AI systems to perform tasks like natural language processing, image recognition and autonomous decision-making. Read More...

Internally Managed Private Funds: A Structural Option To Avoid SEC Investment Adviser Regulation 

Part 1 – Forming an IMF in the Current Regulatory Environment

For years internally managed private funds (IMFs) have been a seldom-used business model that has not proliferated in the private funds industry. Given the current regulatory environment, however, private fund advisers may want to consider forming an IMF that is tailored to their investor base in order to organize and operate their business in a more cost-efficient manner outside the purview of the Investment Advisers Act of 1940 (Advisers Act) and related U.S. Securities and Exchange Commission (SEC) regulation and examination.

In the first article in this three-part series, we summarize the current regulatory environment for private fund advisers. Read More...

Part 2 – Legal Status of an IMF
In this second article, in a series of three, we define what an IMF is and explain its status under the Investment Advisers Act of 1940 (Adviser Act). Read More...

Part 3 – Exploring the Pros and Cons of an IMF Business Model
In this final article of this three-part series, we explain the pros and cons of certain investment advisers utilizing an internally managed private fund (IMF) business model as a means for avoiding increasingly burdensome U.S. Securities and Exchange Commission (SEC) regulation of private fund advisers. Read More...

HIPAA Is Not the Only Game in Town: The FTC’s Health Breach Notification Rule
From step-counting fitness bands and sleep-grading watches to reproductive-tracking mobile applications, the Internet of Things has empowered consumers with an incredible variety of tools that allow them greater involvement as patients and insights into their own health and fitness. According to, the wearable medical device market grew to an estimated $30.1 billion in 2022 (and this projection did not include mobile applications that also collect their users’ health data). In addition to wearable health devices and apps, the COVID-19 pandemic forced many traditional health care interactions into the digital space, a trend that has shown no signs of reversing post-pandemic. Read More...

‘Does QSBS Apply?’: An Introduction to Qualified Small Business Stock
One question we consistently receive from both startups and venture capital investors is whether qualified small business stock (QSBS) applies to a structure. They may have previously experienced the benefits of QSBS first-hand or have seen headlines such as the New York Times’ “A Lavish Tax Dodge for the Ultrawealthy Is Easily Multiplied – The New York Times” or Businessweek’s “When an Eight-Figure IPO Windfall Can Mean a Zero-Digit Tax Bill.” Read More...

Information contained in this publication should not be construed as legal advice or opinion or as a substitute for the advice of counsel. The articles by these authors may have first appeared in other publications. The content provided is for educational and informational purposes for the use of clients and others who may be interested in the subject matter. We recommend that readers seek specific advice from counsel about particular matters of interest.

Copyright © 2023 Stradley Ronon Stevens & Young, LLP. All rights reserved.

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