Raising Capital 101: A Practical Guide to Securities Exemptions
Everything founders need to know about raising money legally in America. Reg D, crowdfunding, Reg A+, and more, explained without the jargon.
Michael Blackham
Blog
Insights & Analysis
Legal insights on corporate formation, securities compliance, fund structuring, and tax planning — written for founders and fund managers.
Delaware vs. Utah: Where Should You Form Your LLC?
Someone told you to form your LLC in Delaware. Here's why that advice might cost you thousands -- and when Delaware actually makes sense.
Michael Blackham
How to Form an LLC in Utah: The Complete Guide
Everything you actually need to do to form an LLC in Utah, from filing to taxes, licenses, and the stuff most guides leave out. Step-by-step directions with costs, forms, and common mistakes.
Michael Blackham
Is an S Corp Election Really Worth It? A Practical Tax Breakdown
S Corp elections can save thousands in taxes, but hidden costs eat into those savings. We break down the real math with an interactive calculator comparing sole prop, S Corp, and C Corp structures.
Michael Blackham
Blackhill Values - A Message from Our Founder
A message from our founder about the core values and vision that drive Blackhill.
Michael Blackham
State Investment Adviser Exemptions: A Comprehensive Guide by State
Navigate the complex landscape of state investment adviser exemptions with this detailed state-by-state guide covering registration requirements.
Michael Blackham
Understanding the Venture Capital Fund Adviser Exemption
A guide to the venture capital fund adviser exemption under the Investment Advisers Act, which allows certain fund advisers to avoid SEC registration without an assets under management (AUM) cap.
Michael Blackham
Profits Interests vs. Capital Interests: A Tax-Efficient Guide for Partnership Compensation
Understanding the critical differences between profits interests and capital interests in partnerships can save service providers from unexpected tax liabilities.
Michael Blackham
Rule 506(b) vs. Rule 506(c): Choosing the Right Exemption for Your Private Offering
Understanding the key differences between Rule 506(b) and Rule 506(c) is crucial for fund managers. Learn which exemption best fits your strategy.
Michael Blackham
The Rule 506(b) Pre-Existing Relationship Requirement: A Practical Guide for Fund Managers
Navigate the complexities of establishing substantive pre-existing relationships under Rule 506(b). Learn practical strategies to comply with SEC requirements.
Michael Blackham
Navigating Broker-Dealer Registration: Critical Compliance Issues for Fund Managers
Understanding broker-dealer registration requirements is crucial for fund managers. Learn how to avoid costly violations when compensating fundraisers.
Michael Blackham