LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
LSI 2010 Real Estate Joint Ventures conference materials.pdf
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Erin Joyce Letey of Riddell Williams P.S. Speaker 22: 5<br />
Private Offerings: Exemptions available<br />
Section 4(2) and RCW 21.20.320(1):<br />
Sales not involving a public offering -<br />
Very limited application<br />
Regulation D – Primary exemption<br />
used for private offerings<br />
Rule 504<br />
Rule 505<br />
Rule 506<br />
Rule 147 – Intrastate offering<br />
Riddell Williams P.S. 9<br />
Rule 504<br />
Maximum Offering amount: $1,000,000<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Number of non-accredited investors: 20 in WA<br />
Investor qualification: In WA, sophistication or suitability<br />
General solicitation or advertising: No<br />
Sales commissions: No<br />
Limitations on resale: Yes<br />
Issuer disqualifications: Yes<br />
Prior securities violations, fraud convictions, etc. by issuer, director,<br />
officer, GP, promoter, or 10% owner<br />
Filing (SEC) – within 15 days after first sale (unless relying on<br />
Rule 147)<br />
File Form D electronically on SEC Edgar system<br />
Filing (WA) – at least 10 business days prior to first sale in WA:<br />
Copy of electronic Form D (or Notification of Claim Exemption)<br />
Representation that sales have yet to occur in WA, and<br />
$50 filing fee<br />
Riddell Williams P.S. 10<br />
Law Seminars International | <strong>Real</strong> <strong>Estate</strong> <strong>Joint</strong> <strong>Ventures</strong> and Funds | 02/09/10 in Seattle, WA
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