Most states accept notice filings through the IARD system. When you complete Item 2.C of Form ADV, you select the states where you need to make notice filings. Your filing then routes to those states automatically. You pay the applicable state fees through your IARD account at the time of filing.
State fees typically range from $100 to $300 per year per state. You pay them when you file your initial Form ADV and again with each annual amendment. If you add new states during the year (because you opened a new office or took on investors in a new jurisdiction), you can file an other-than-annual amendment and add the state at that time.
A few states have requirements that go beyond the standard IARD notice filing. Some require separate state-specific forms, bonds, or exam qualifications. Check each state's securities regulator website or NASAA's adviser registration resources to confirm whether the IARD notice filing is sufficient or whether additional steps are required in your jurisdiction.
See State Investment Adviser Registration for Private Fund Managers.
This content is for informational purposes only and does not constitute legal, tax, or compliance advice. Consult qualified counsel for guidance specific to your situation. Capital Company is not a law firm and does not provide legal advice.