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| Accredited Investors |
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| According to Rule
505 of Regulation D of the Securities Act of 1933,
an "accredited investor" is: |
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- a bank, insurance company, registered investment
company, business development company, or small business
investment company;
- an employee benefit plan, within the meaning of
the Employee Retirement Income Security Act, if a
bank, insurance company, or registered investment
adviser makes the investment decisions, or if the
plan has total assets in excess of $5 million;
- a charitable organization, corporation or partnership
with assets exceeding $5 million;
- a director, executive officer, or general partner
of the company selling the securities;
- a business in which all the equity owners are accredited
investors;
- a natural person with a net worth of at least $1
million;
- a natural person with income exceeding $200,000
in each of the two most recent years or joint income
with a spouse exceeding $300,000 for those years and
a reasonable expectation of the same income level
in the current year; or
- a trust with assets of at least $5 million not formed
to acquire the securities offered, and whose purchases
are directed by a sophisticated person.
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