Sale of Registered Investment Advisory (RIA) LLC

D

Diver4242

New Member
Jurisdiction
Pennsylvania
I have a registered investment advisory domiciled in PA and formed as a single-member LLC. I am retiring and want to sell it. I'm confused as to whether the buyer has to be a registered advisor (if an entity sale), whether that needs to be in PA or they can be in any state. Looking for an attorney with RIA sale/transfer experience in PA. No physical assets, just a virtual service business with soft assets like courseware I developed, workflows, lots of client/community goodwill, client/lead database. I don't manage investments (AUM), it's advice-only. Thanks in advance.
 
You registered with the PA Department of Banking and Securities. That agency would be the best place to get the answer to your question.

If your buyer is located in another state he will have to find out his own registration requirements where he does business.

Speculation - Any registration or licensing requirements with the SEC?
 
adjusterjack said:
You registered with the PA Department of Banking and Securities. That agency would be the best place to get the answer to your question.

If your buyer is located in another state he will have to find out his own registration requirements where he does business.

Speculation - Any registration or licensing requirements with the SEC?
Click to expand...
I did reach out to them and the person I spoke to didn't sound totally confident but I took away that if it's an entity sale, they either have to be registered in PA or if they're outside the state would have to then register immediately, as I have more than the five allowed clients under de minimis.

Hoping to find a PA attorney to guide us through it. Thanks for your answer!
 

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