Series 82: 1.1.1.2. Public Offerings Exempt From Registration: Rule 147 Intrastate Offerings

1.1.1.2. Public Offerings Exempt from Registration: Rule 147 Intrastate Offerings

For businesses that conduct almost all their business within one state, the Rule 147 intrastate exemption relieves them of registering with the SEC. To meet the requirements of this exemption, the business must have its principal place of doing business in the state and must satisfy at least one of the following requirements:

• 80% of revenues must come from within the state

• 80% of business assets must come from within the state

• 80% of the proceeds must be used in-state

• The majority of people employed by the issuer must live in the state

Additionally, the issuer must have a reasonable belief that each purchaser is a resi