Posted by Bud Branstetter on October 17, 1998 at 21:19:53:
Actually the federal securities law says more than 10 investors and if they are sophisticated(certain net worth and income) it doesn’t matter. In reality each state has their own laws and enforcement interpretation. Merle withdrew his courses from publication because he couldn’t support thoses that did not have their own advisors. Even in those states with more stringent interpretations an individual can do lots of things. The question becomes what are you and your attorney willing to defend.