Most private, small-business, noninvestment company offers of securities are exempt from the registration requirements.

Registration Requirements

Legal or regulatory mandates that individuals or entities must fulfill to operate legally, including obtaining licenses or permits.

Small-Business

A privately owned corporation, partnership, or sole proprietorship that has fewer employees and generates less revenue than a regular-sized business.

Noninvestment Company

A company primarily engaged in businesses other than investing, reinvesting, owning, holding, or trading in securities.