Investment Letter regarding Intrastate Offering

 Investment Letter regarding Intrastate Offering
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State:
Multi-State
Control #:
US-02404BG
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Available formats: Word | Rich Text | Adobe PDF

Description

Certain stock issue transactions are also exempt (i.e., exempt from registration with the Securities and Exchange Commission). The most common exempt transaction that close corporations take advantage of is the intrastate offering. To qualify for this exemption, both the investors and the issuer must all be residents of the same state. The issuer must also meet the following requirements:

• 80% of its assets must be located in the state;
• 80% of its income must be earned from operations within the state; and
• 80% of the proceeds from the sale must be used on operations within the state. Also, for nine months after the issuance, the stock can only be sold to state residents

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