tailieunhanh - Hedge Fund Investors course phần 4

lthough một quỹ phòng hộ được xem bởi một nhà đầu tư là các danh mục đầu tư đầu tư cung cấp trở lại, trên thực tế có thể được bao gồm hai hoặc nhiều doanh nghiệp riêng biệt. Cơ cấu và phân chia lao động của các doanh nghiệp không phải là tùy ý. Các thiết kế của hệ thống phân cấp tạo ra một trách nhiệm hữu hạn đầu tư cho tất cả các nhà đầu tư và thuế hiệu quả. | 5 Hedge Fund Business Models Although a hedge fund is viewed by an investor as the portfolio of investments that provide a return it may in fact be composed of two or more separate businesses. The structure and division of labor of the businesses are not arbitrary. The design of the hierarchy creates a limited liability investment for all investors and is tax efficient. TYPES OF BUSINESS UNITS To understand the typical hedge fund business structures it is necessary to first discuss the building blocks. Bear in mind that small variations exist from state to state in the United States because the individual states authorize the creation of business units. Fortunately the rules are similar in most states these business structures have been adopted by all or nearly all the 50 states. The structures commonly used to create hedge funds are generally available in international locations as well although the makeup of offshore hedge funds typically combines these business types differently. C Corporation The most familiar business structure to most people is the C corporation. Most of the large companies in the United States and many of the small and medium-sized companies are structured as C corporations. This type of structure is also commonly used in many other countries. The C corporation sells ownership stakes called common stock. A C corporation can have practically an unlimited number of owners. These owners can be spread over many classes of common stock plus preferred stock. The C corporation could be used to structure a hedge fund investment so that investors could not be called upon to invest more than their original 73 74 HEDGE FUND COURSE paid-in investment. In fact this type of structure is usually used for hedge funds when the funds are located in areas with low or no income taxation. In the United States however the C corporation is seldom used to structure a hedge fund due to the double taxation of investment returns. Hedge fund management companies the .