# PalaceFund — Korea Legal Tasks Guide

**Domain:** palacefund
**Started:** 2026-03-02
**Status:** ON JUNWON

## Original Request

Parents in Suwon on 2026-03-03. Prepare all documents for them to submit. Instruct concisely at korea.palace.fund.

## Done

- [x] Wrote Korean-language investor filing guide: `fund/korea/2026-03-03-investor-filing-guide/index.md`
- [x] Linked from `fund/korea/index.md`
- [x] Rebuilt + deployed to https://korea.palace.fund (Cloudflare Pages)

Guide covers:
1. 서류 준비 (Articles of Organization from Junwon)
2. 은행 외환창구 방문 → 해외직접투자 신고 (BEFORE wire)
3. 승인 대기 (1–3 business days)
4. 송금 (wire $300K)
5. 외화증권취득보고서 제출 (AFTER wire)

## LLC Confirmed

- **Palace Fund LLC APPROVED** by CA SOS on 2026-03-03
- Entity No.: B20260098289
- Articles available at bizfileOnline.sos.ca.gov

## Next Steps (priority order)

- [x] **EIN obtained** — **41-4626580** (done 2026-03-03). See `26.02.27-ein-application/`.
- [x] **Ace: Draft Operating Agreement (v1)** — Done 2026-03-03, updated for parents. At `26.02.27-operating-agreement/draft-v1-2026-03-03.md`. ⚠️ Still has [PARENT NAME] placeholder — Junwon must fill in before sending.
- [x] **Ace: Updated investor guide** — All fields filled in (EIN, $300K, 100% capital interest, LLC address, bank reference card). Deployed at korea.palace.fund.

### 🔴 JUNWON MUST DO (before parents can go to bank)

1. **OA finalized** — Sungho Park named as Member. See `26.02.27-operating-agreement/26.02.27-operating-agreement.md`.

2. **Download Articles of Organization from CA SOS**
   - Go to: https://bizfileonline.sos.ca.gov
   - Search entity: B20260098289 (Palace Fund LLC)
   - Download the filed Articles of Organization (PDF)

3. **Send to parents (KakaoTalk or email):**
   - ① This guide: https://korea.palace.fund/2026-03-03-investor-filing-guide/ (or print and send PDF)
   - ② Articles of Organization (PDF from CA SOS)
   - ③ Operating Agreement (completed OA draft — print PDF)
   - Tell parents to also get: 주민등록등본 + 납세증명서 (parents get these themselves)

### After bank approval:
- [ ] **Junwon: Open bank account (Mercury)** — then send wire info to parents
- [ ] **Sungho Park: Wire $300,000 after bank account received**
- [ ] **Sungho Park: File 외화증권취득보고서 at bank** — within 6 months of wire

### Later (not blocking bank visit):
- [ ] **ITIN application** (Sungho Park) — 7–11 week process. See `26.02.27-itin-applications/`.
- [ ] **Form D with SEC** — within 15 days of first capital contribution. See `26.02.27-form-d/`.
- [x] **Form ADV (Investment Adviser registration)** — **NOT REQUIRED.** Palace Fund qualifies for family office exemption (Rule 202(a)(11)(G)-1). No SEC registration, no California DFPI registration. Researched 2026-03-08. See `domains/palacefund/management/legal/usa/form-adv.md`.
- [ ] **W-8BEN** — Sungho Park signs. Ace pre-fills. See `26.03.08-w8ben-sungho/`.
- [ ] **Mercury bank account** — must open before wire. See `26.03.08-mercury-bank-account/`.
- [ ] **CA Franchise Tax** — $800 due June 15, 2026. See `26.03.08-ca-franchise-tax/`.

### 🔴 국외투과단체 과세특례 신청 (HIGH PRIORITY — before first taxable year)

**NEW 2026-03-05:** Parents must file 국외투과단체과세특례 적용신청서 with their Korean tax office to ensure fund capital gains are classified as 양도소득 (~22%) instead of 배당소득 (up to 45%+). Without this election, ALL distributions are 배당소득 → 금융소득종합과세 disaster.

- **Law:** 국제조세조정에 관한 법률 제34조의2 (effective 2023-01-01)
- **Full task:** `secretariat/tasks/active-tasks/26.03.05-국외투과단체-과세특례-신청/`
- **Full legal reference:** `domains/palacefund/management/legal/korea/tax/국외투과단체-과세특례.md`
- [ ] Ace researches 시행령 제70조의2, confirms election works for this fact pattern
- [ ] Ace prepares 적용신청서 for Sungho Park
- [ ] Sungho Park files 적용신청서 with 관할세무서
- ⚠️ **IRREVOCABLE** — cannot undo once filed
- ⚠️ **Changes timing** — income taxed at accrual (not distribution)