Question

Under the Uniform Securities Act, an investment adviser may be formed as which of the following?
I Corporation
II Partnership
III Association
IV Broker-dealer

A. I and II
B. III and IV
C. I, II, III
D. I, II, III, IV

Answer 1

Answer:

C) I, II, III

Explanation:

Investment advisers and broker-dealers can be formed as a corporation, partnership, an association, even a sole proprietorship, etc.

But investment advisors cannot be formed as broker-dealers, nor broker-dealers can be formed as investment advisors. Investment advisors and broker-dealers are separate entities, and they are regulated separately.