Pepper Hamilton partner Gregory J. Nowak recently examined in a presentation the key regulatory issues an investment adviser faces when developing its advisory business. This article, the second in a two-part series, summarizes the portions of the program that covered taxation issues, organizational expenses, redemptions, publicly traded partnership rules, performance fees and alternative fund structures. The first article covered separately managed accounts, adviser registration and the applicable federal securities laws. For further commentary from Nowak, see our two-part series on how hedge funds can protect their intellectual property: “Trademarks and Copyrights” (Feb. 23, 2017); and “Trade Secrets and Patents” (Mar. 9, 2017).