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Nah, just posted that he's quit in the Cest Pit, like all the real quitters who definitely aren't just logged in under an alt account to see what sort of response they get.
I just love finding these gems on LET, where I can just be like
Thanks. I always appreciate fresh additions to my popcorn collection. Gonna rip Cameron's popcorn collection, too, before I forget about it. Google: site:lowendtalk.com "Mun" "popcorn"
Because just linking to the site is too hard...
Must be hard, because you didn't link to it either. https://cdn.content-network.net/Mun/popcorn/
Well, you have originally posted that ;-).
so.. you have no business plan?
Where the heck is OP operating out of anyways? In U.S. it is not legal to just take random people's money for investment in a business scheme without proper SEC filings, etc.
Portugal I think
Oh, so you don't want this 2 Million for your pizza delivery app? ;-)
He isn't making a DPO/IPO just privately discussing investment options with individuals behind closed doors. If he publicly made a prospectus available then he would be making a DPO which is regulated.
Then how come I know about it?
From what I recall, it's regulated anyways (I could be wrong). You can ask for money from professional investors behind closed doors. You can also ask for money from people you have an existing business or personal relationship with. There are also state-level exemptions sometimes. But in all cases you have to be careful how you advertise; AFAIK you can't just advertise for investors on forums with interstate audience reach and cherry pick those you think might fit into various exempt categories.
I wonder where some of the people on here got their business law degrees at? They should demand their box tops back.
He has specifically said no information on the investment opportunity with an NDA, so unless he has changed that, then its a textbook example of a private placement request.
I'm fairly sure it is - That is exactly what Kickstarter does, just in promise of a product instead of a monetary return.
In EU you only need to fill with your "SEC" if you take in more than 100000EUR (individual countries may vary; if i read the law right it should be 250kEUR in MrGenerals country; some countries have different regulations that do not even require that i.e. Austria).
http://www.nasaa.org/22284/informed-investor-alert-private-placement-offerings/
Ok, so OP said "serious investors" only, presumably that means accredited, and JOBS Act makes it OK to advertise as long as he only closes deals with qualified investors ... hmm, OK, wasn't aware of JOBS Act, it was passed after I last looked at securities law.
That's exactly what makes it not be an investment opportunity ...
Look up what SEC has over sight over. Has to be a publicly traded corporation is stocks sold on an exchange.
Well, since it appears OP is not based in U.S., it is moot at this point, but SEC has "sight" over virtually all investment contracts (in U.S.). There doesn't even have to be a corporation; it could even be an investment contract between individuals that runs afoul of securities law.
This is not a private placement offer because there are no securities being discussed.
I guess that being rude to possible investors is a good idea... Even if that guy only invests $10, it could be $10 from each and all his friends, even everyone here on LET. Say you get $10 from every person here. It really adds up, you know? Be grateful for any investments you get. After all, people who do something called "work" use that hard earned money to give into your project of whom will have "sure success."
Besides, why are you looking for so much money? Before anyone invests their own earned money, you have to consider what they'll think. Try thinking in an investor's perspective:
You really need to be more specific to attract investors as they, well, will only invest into projects/startups they deem as attractive, sustainable and etcetera. I highly doubt that you will get anyone to invest (like @Brad said). More importantly, you seem to think that everyone who isn't an investor is a "troll." Honestly, this a failure of a plan and the unbearable rudeness just to get investments (plus, you said that you don't want "lowend" providers anyway, why post this reject of a investment plan here?) will get you nowhere. That's just my two cents.
Courts don't really look at whether you're using the terms "shares", "socks", "bonds" or whatever. What matters is whether it's an investment or not. Investment means a chance to earn some part of profits without actively managing the business (thus one does not run into securities law issues when starting a business, as long as everyone putting money in has some degree of actual management power in the business).
Also, "offer" or "solicitation" don't even have to be detailed enough to specify actual amounts -- shares to dollars. There has been a case in which giving out a prospectus and a business card with instructions to call back has been held to constitute solicitation of an offer to buy.
It's probable that a hypothetical U.S.-based OP wouldn't have run afoul of US securities law just with that one posting, especially considering the additional flexibility afforded by JOBS act.
But, if such an OP were to actually take money from non-accredited investors, that would likely blow up monumentally for him if the business failed.
It's not even clear that being outside U.S. puts OP 100% in the clear. If he takes money from U.S. investors, it could still trigger requirement to comply with U.S. securities law (but the JOBS exemption to take money from accredited investors only would presumably still be available).
Securities law is no joke in the U.S.; it is one area where you really have to talk to one or more lawyers before taking any action whatsoever, or the joke will be on you.
And how exactly do they want to enforce that if OP is not in the US, has no compnay there and never wants to enter it? They don't.
singsing always seems to challenge everything anyone ever says, for the most illogical reasons.
Well, if you're sure you -never- want to enter U.S., despite the fact that the U.S. is quite business friendly (as long as you follow the freaking rules), you might be OK.
By the way, I'm just talking about U.S. law because that's all I know anything about. But if you have the impression that securities law is waaaay more lax in your corner of the world, it's quite possible you might be overlooking a lot of the requirements.
Well thanks for piping in all the time, without knowing anything about anything. If you know I went wrong somewhere, please feel free correct me.
Thank you for your input!
No, I don't think they are all trolls here. We have been planning this for about a year. The other team member has great knowledge. Never expected to get an investor from LET, at all. I know most wouldn't invest, nor they probably can afford. I can discuss everything under NDA. I have already found another solution for this.
I apologise if my attitude towards the LET members was a bit harsh. That was not my goal. I wanted to find serious investors for a great project, but didn't want to disclosure much publicly. We do have all stuff organized and we won't give up. This is a project for life. I know lately my attitude hasn't been the greatest but we all have bad days. Even if excuses are avoidable. I did read and will consider all the posts. I will refrain my further posts.
Oh you are back then, can't trust you to do what you say then.
I thought you logged off?
Had to reply and apologise.
I did!