The SEC requires registration (of some) and there are FINRA reporting requirements depending on the size of the fund. Generally when a fund is raising over $10M. Under $10M there are exceptions to even qualifying an investor. Above $10M only a percentage must be accredited, based on certain parameters. Most VC ask for everyone to be accredited to avoid a sign of running afoul of the SEC, but can at their discretion take $5 from a homeless guy.Most all VCs require the individuals in an LP to submit tax returns for accreditation, but an Investment LP is not required to be accredited if it is formed as an Investment fund for the purpose. Essentially an LP registered with State or Federal as an Investor does not require accreditation. An unregistered entity must have the individuals accredited.This isnu2019t licensing per se, but many states have laws that require licensing of the fundraising (exemptions for Lawyers) and not the actual company itself.Most all of this is not enforced. Its great for the government to require things, (Red Tape production) but its not to their benefit to prosecute companies that enhance economic growth and job creation.