How to Fill Out Colorado Form D Notice Filing + FAQs

The Colorado Form D notice filing is the state-level notice that issuers submit to the Colorado Division of Securities when they sell securities in Colorado under a Regulation D, Rule 506 private offering. It is the same SEC Form D document, filed into Colorado through the NASAA Electronic Filing Depository, not a separate paper form you mail to Denver.

If you raised money from even one Colorado investor in a Rule 506 deal and you skip this step, your federal exemption can stay intact, but Colorado can still treat your offer as an unlawful sale within the state. The good news is that Colorado keeps this simple: the state charges just a $50 notice fee and imposes no separate late penalty, one of the lowest fees in the country. Across all states, more than 25,000 Rule 506 offerings flow through the EFD system each year, and Colorado is one of the easiest stops on that map.

Here is what you will learn in this guide:

  • 📋 What the Colorado Form D notice filing is and exactly who must file it
  • 🗂️ Every document and number you must gather before you log in
  • 🖥️ A field-by-field walkthrough of the actual Form D you submit through EFD
  • 👥 Three full filled-out examples from real Colorado fact patterns
  • ⚠️ The costly mistakes filers make and how to dodge each one

What the Colorado Form D Notice Filing Is and Who Must File It

The Colorado Form D notice filing is a notice, not an application. You are not asking the state for permission. You are telling the Colorado Division of Securities that you sold securities in Colorado under a federal exemption, and you are paying a small fee for that notice. The Division receives the filing on behalf of the Colorado Securities Commissioner, the official named in the Colorado Securities Act.

The rule that drives this filing is Section 11-51-308.5, C.R.S., the state notice-filing provision for federal covered securities, read together with the Division’s rules in 3 CCR 704-1. Federal law in the National Securities Markets Improvement Act (NSMIA) stops states from registering Rule 506 offerings, but it lets states require a notice filing and a fee. That is exactly what Colorado does.

You must file if you sold securities to at least one investor whose principal residence is in Colorado in an offering you are running under Rule 506(b) or Rule 506(c). The trigger is the first sale in Colorado, not the first offer and not your federal filing date. If no Colorado resident buys, you generally owe no Colorado notice filing, even if your company sits in Denver.

The most common filers are startups raising a seed round, real estate sponsors syndicating a single property, and private fund managers pooling investor capital. A misconception worth killing now: many founders think filing Form D with the SEC automatically covers Colorado. It does not. The SEC filing on EDGAR and the state notice filing on EFD are two separate submissions.

Before You Start: Documents and Information You Need

Form D gives you only one hour of idle time before the system logs you out, so gather everything first. Walking in prepared is the difference between a ten-minute filing and a frantic do-over.

Here is your pre-filing checklist:

  • Your SEC EDGAR access codes (CIK, CCC, password). You file federally first, and Colorado’s EFD filing reuses that federal Form D data; without EDGAR access you cannot generate the federal filing that anchors the state notice.
  • Exact legal name of the issuer. It must match your Colorado Secretary of State and IRS records, because a mismatch makes your filing hard to tie to your entity and can stall a later amendment.
  • Jurisdiction and date of incorporation or organization. The state needs to know where your entity was formed and when, since this confirms the issuer is a real, registered entity.
  • Principal place of business address and phone. This is where regulators and investors reach you, and a stale address means you miss notices that carry deadlines.
  • Names and addresses of all executive officers, directors, and managers. These “related persons” must be listed, and leaving one off can look like you are hiding control persons.
  • The exemption you are claiming (Rule 506(b) or 506(c)). This sets the rules you must follow on advertising and investor type, and naming the wrong one can void your exemption.
  • Date of first sale in the offering. This starts your 15-day clock, and getting it wrong is the most common cause of a late filing.
  • Total offering amount and amount sold to date. These dollar figures appear on the form, and guessing instead of pulling real numbers invites an inaccurate-filing problem.
  • Number of investors who have bought so far. Colorado and the SEC track accredited and non-accredited counts, and an error here can signal a 506(b) violation.
  • A payment method for fees. EFD takes payment online, and the filing will not transmit to Colorado until the $50 state fee and EFD system fee clear.

Compile your answers on a paper copy of Form D before you log in. That way the one-hour timeout never beats you.

Where to Get the Form and How to Access It

There is no Colorado-specific PDF to download and mail. The Colorado Form D notice filing lives entirely inside NASAA’s EFD system, and since December 1, 2020, the Division no longer accepts hard-copy submissions for these offerings. Everything is electronic.

The path runs in two stages. First, you file your Form D federally through the SEC’s EDGAR system, which assigns your filing and confirms your federal exemption at no federal cost. Second, you log in at efdnasaa.org, import or key in that same Form D data, select Colorado as a state of notice, and pay.

To use EFD, create a filer account and request a User ID at the EFD home page. The system pulls much of your federal Form D forward, so you are confirming data more than retyping it. If you get stuck, the EFD help desk answers at 1-800-378-5007 or support@efdnasaa.org, and the Colorado Division of Securities takes questions at (303) 894-2320.

One nuance: the public can search Rule 506 filings free on EFD, so your notice filing is visible once submitted. Treat every field as public-facing and accurate.

Step-by-Step: How to Fill Out Colorado Form D Line by Line

Form D is organized into 16 numbered items plus a signature block. Below is each item in the order it appears. The same document you complete on EDGAR is the one Colorado receives through EFD, so completing it correctly once covers both.

Item 1: Issuer’s Identity

This item asks for the legal name of your company, any prior names, and your entity type, jurisdiction, and year of formation.

Enter the issuer’s full legal name exactly as it appears in your Colorado Secretary of State records, in all the same characters. Then check your entity type (corporation, limited partnership, limited liability company, etc.), list the state of formation, and give the year you were formed or note that you formed within the last five years.

For example, Summit Trail Ventures LLC, a Colorado limited liability company formed in 2024, writes that exact name, checks “Limited Liability Company,” and lists Colorado as the jurisdiction.

A common edge case is a name change: if your company once operated as a different entity, list the previous name in the “previous name” field so the public record connects the two. A frequent mistake here is typing a trade name or “doing business as” instead of the legal name, which can disconnect your filing from your real entity and create problems when you amend later. The misconception to drop is that small punctuation differences do not matter; the SEC and state systems read names literally, so “LLC” versus “L.L.C.” can cause confusion.

Item 2: Principal Place of Business and Contact Information

This item asks for your company’s main business address and phone number.

Enter the street address, city, state, ZIP, and a working phone number for the issuer. Use a real, monitored address, since this is where official notices land.

For example, Summit Trail Ventures LLC enters 1899 Wynkoop St, Suite 400, Denver, CO 80202 and a phone line that someone actually answers.

A common edge case is a home-based startup: you may use a home address, but know that EFD filings are public, so some founders use a registered agent or office address instead. The mistake to avoid is entering a P.O. Box alone or a virtual mailbox you never check, because missed mail can mean missed deadlines. A misconception is that this must be a Colorado address; it does not, since out-of-state issuers selling to Colorado investors file too.

Item 3: Related Persons

This item asks for the names and addresses of each executive officer, director, and promoter connected to the offering.

List every control person with their full name, relationship to the issuer, and address. Add a continuation page if you have more people than the form’s default rows.

For example, Summit Trail Ventures LLC lists its two managers, Dana Reyes and Marcus Hill, each marked as “Executive Officer” and “Director” with their business addresses.

A common edge case is a single-member LLC, where one person fills every role; you still list that person under each applicable title. The mistake is leaving off a director or officer, which can look like you are concealing who controls the company. The misconception is that passive investors belong here; only officers, directors, and promoters go in Item 3, not your buyers.

Item 4: Industry Group

This item asks you to pick the single industry category that best fits your business.

Choose one group from the list, such as “Pooled Investment Fund,” “Real Estate,” “Technology,” or “Other.” Pick the closest match if none is exact.

For example, a Denver real estate syndicator, Front Range Capital LP, selects Real Estate and the “Commercial” subcategory.

A common edge case is a fund, which should select “Pooled Investment Fund” and then indicate the fund type. The mistake is choosing “Other” when a precise category exists, which can flag your filing for a closer look. The misconception is that this label binds your business legally; it is for classification, not a restriction on what you do.

Item 5: Issuer Size

This item asks for your revenue range or, for funds, your aggregate net asset value.

Check the range that fits, or select “Decline to Disclose.” Funds choose a net asset value range instead of revenue.

For example, an early-stage startup with no sales checks No Revenues.

A common edge case is a brand-new entity with zero income, which simply selects “No Revenues.” The mistake is overstating revenue to look bigger, which creates a false statement in a federal filing. The misconception is that this number must be audited; it is a self-reported range, not a certified figure.

Item 6: Federal Exemption(s) and Exclusion(s) Claimed

This item asks which Regulation D rule you are relying on, and it is the most important box on the form.

Check Rule 506(b) if you did not advertise and sold to accredited investors plus up to 35 sophisticated non-accredited investors. Check Rule 506(c) if you generally solicited and sold only to verified accredited investors.

For example, Summit Trail Ventures LLC ran a quiet friends-and-family round with no ads, so it checks Rule 506(b).

A common edge case is a deal that started as 506(b) and pivoted to public marketing; once you advertise, you are in 506(c) territory and must verify accreditation. The mistake is checking 506(c) while having taken even one non-accredited investor, which breaks the exemption outright. The misconception is that you can claim both at once; you pick the one path your offering actually followed.

Item 7: Type of Filing

This item asks whether this is a new notice or an amendment to an existing filing.

Select New Notice for a first-time filing on this offering. Select Amendment if you are updating a notice already on file.

For example, Front Range Capital LP filing for the first time checks New Notice.

A common edge case is your annual update on an offering lasting more than a year, which is an Amendment, not a new notice. The mistake is filing a brand-new notice when you should amend, which creates duplicate records and may double your fees. The misconception is that amendments are optional; certain changes require an amendment, and yearly offerings require an annual amendment.

Item 8: Duration of Offering

This item asks whether your offering will last more than one year.

Check “Yes” if you expect to keep selling beyond twelve months, or “No” if it is a short raise. Funds usually check “Yes.”

For example, a continuously offered fund, Mile High Income Fund LP, checks Yes.

A common edge case is an evergreen fund that never closes, which always answers “Yes” and then files annual amendments. The mistake is checking “No” on a long offering and then forgetting the annual amendment duty. The misconception is that “Yes” locks you into a year; you can close early and file a final amendment.

Item 9: Type(s) of Securities Offered

This item asks what kind of securities you are selling.

Check all that apply, such as equity, debt, pooled investment fund interests, or options. Match the boxes to your actual deal terms.

For example, Summit Trail Ventures LLC selling membership units checks Equity.

A common edge case is a SAFE or convertible note, which is usually checked as a security to be acquired or as debt, depending on terms. The mistake is checking only “Equity” when you also issued notes, which understates your offering. The misconception is that SAFEs are not securities; they are, and they trigger the same filing duty.

Item 10: Business Combination Transaction

This item asks if the offering relates to a merger, acquisition, or similar deal.

Check “Yes” only if the securities are part of a business combination such as a merger. Most operating raises check “No.”

For example, Summit Trail Ventures LLC raising growth capital checks No.

A common edge case is a SPAC or roll-up, which would check “Yes.” The mistake is checking “Yes” out of caution when no combination exists, which misdescribes your deal. The misconception is that any acquisition you might make later counts here; only a present combination tied to this offering does.

Item 11: Minimum Investment

This item asks the smallest dollar amount you will accept from any outside investor.

Enter the minimum check size in whole dollars. Enter 0 if you set no minimum.

For example, Front Range Capital LP requiring at least $50,000 enters $50,000.

A common edge case is a different minimum for insiders; this field is the minimum for outside investors only. The mistake is entering your target raise here instead of the per-investor minimum, which confuses readers. The misconception is that a high minimum proves accreditation; it does not, and you still must confirm investor status.

Item 12: Sales Compensation

This item asks for anyone paid to sell your securities, such as a broker or finder.

List each person or firm receiving sales compensation, with their CRD number and the states where they solicit. Leave blank if no one is paid.

For example, if Mile High Income Fund LP uses a placement agent, it lists that broker-dealer’s name and CRD number.

A common edge case is paying an unregistered “finder,” which is risky in Colorado, where soliciting often requires registration. The mistake is listing a finder who is not a registered broker-dealer, which can expose you to a registration violation. The misconception is that internal officers count here; officers selling your own deal are generally exempt and need not be listed as paid sales agents.

Item 13: Offering and Sales Amounts

This item asks the total offering amount and the amount you have sold so far.

Enter the total dollar amount you aim to raise and the dollar amount sold to date. Use “Indefinite” only for true evergreen offerings.

For example, Summit Trail Ventures LLC raising up to $2,000,000 with $750,000 sold enters $2,000,000 total and $750,000 sold.

A common edge case is an oversubscribed round; if you exceed the stated total, you must amend to raise the offering amount. The mistake is listing the sold amount as the total, which makes it look like your raise is closed. The misconception is that “Indefinite” hides your numbers; you must still report dollars sold to date.

Item 14: Investors

This item asks how many investors bought, including how many are non-accredited.

Enter the total number of investors and the number who are non-accredited. In a 506(c) deal, this must be zero non-accredited.

For example, Summit Trail Ventures LLC with 18 accredited buyers and 2 non-accredited friends enters 20 total and 2 non-accredited.

A common edge case is a 506(b) deal nearing the 35 non-accredited cap; once you pass 35, you lose the exemption. The mistake is reporting a non-accredited investor in a 506(c) filing, which directly contradicts your Item 6 choice and breaks the exemption. The misconception is that “sophisticated” equals “accredited”; they are different, and only 506(b) allows non-accredited sophisticated investors.

Item 15: Sales Commissions and Finders’ Fees

This item asks the dollar amount of sales commissions and finders’ fees paid in the offering.

Enter the total commissions and total finders’ fees, or “0” if none. Enter “Clarification of Response” notes if needed.

For example, Mile High Income Fund LP paying $40,000 in placement fees enters $40,000 in commissions.

A common edge case is fees paid in equity rather than cash, which you should still estimate in dollars. The mistake is leaving this blank when you did pay a broker, which understates costs. The misconception is that small finder payments are too minor to report; any sales compensation belongs here.

Item 16: Use of Proceeds

This item asks the amount of proceeds used or to be paid to your officers, directors, or related persons.

Enter the dollar amount going to insiders for things like salaries or fees out of the raise, or “0” if none. Add a clarifying note if useful.

For example, Summit Trail Ventures LLC paying its managers no salary from the raise enters 0.

A common edge case is a real estate deal paying an acquisition fee to the sponsor, which is reported here. The mistake is hiding insider payments, which can look like self-dealing. The misconception is that this exposes private salary data; it reports only proceeds paid to related persons from this offering.

Signature and Submission Block

This block asks an authorized person to sign and date the filing under penalty of law.

Type the signer’s name, title, and date in the signature fields, confirming the information is true. The signer should be an executive officer or other authorized person.

For example, Dana Reyes, Manager, types her name, title Manager, and the date 06/03/2026.

A common edge case is multiple issuers in one deal, where each issuer signs. The mistake is having someone without authority sign, which can invalidate the filing. The misconception is that an electronic signature is weaker than ink; the typed EDGAR/EFD signature carries full legal weight.

Three Filled-Out Examples Using Real Scenarios

Below are three common Colorado fact patterns, each following one filer through the most important fields.

Scenario 1: Dana Reyes, Startup Founder (Rule 506(b) Seed Round)

Dana runs Summit Trail Ventures LLC and raised a quiet seed round from friends and angels, with no advertising.

Form Section What Dana Enters
Item 1: Issuer Summit Trail Ventures LLC, Colorado LLC, formed 2024
Item 2: Address 1899 Wynkoop St, Suite 400, Denver, CO 80202
Item 6: Exemption Rule 506(b)
Item 7: Type of Filing New Notice
Item 9: Securities Equity (membership units)
Item 13: Offering Amount $2,000,000 total; $750,000 sold
Item 14: Investors 20 total; 2 non-accredited
State Notice Colorado selected in EFD; $50 fee paid

Scenario 2: Marcus Hill, Real Estate Syndicator (Rule 506(c))

Marcus sponsors Front Range Capital LP and publicly marketed a deal to buy a Denver apartment building, selling only to verified accredited investors.

Form Section What Marcus Enters
Item 1: Issuer Front Range Capital LP, Colorado LP, formed 2025
Item 4: Industry Real Estate (Commercial)
Item 6: Exemption Rule 506(c)
Item 7: Type of Filing New Notice
Item 11: Minimum Investment $50,000
Item 13: Offering Amount $5,000,000 total; $2,200,000 sold
Item 14: Investors 14 total; 0 non-accredited
State Notice Colorado selected in EFD; $50 fee paid

Scenario 3: Janet Cho, Fund Manager (Annual Amendment)

Janet manages Mile High Income Fund LP, an evergreen fund that has been raising for more than a year, and she is filing her required annual amendment.

Form Section What Janet Enters
Item 1: Issuer Mile High Income Fund LP, Delaware LP, formed 2024
Item 4: Industry Pooled Investment Fund
Item 6: Exemption Rule 506(b)
Item 7: Type of Filing Amendment
Item 8: Duration Yes, more than one year
Item 13: Offering Amount Indefinite; $8,400,000 sold to date
Item 14: Investors 31 total; 0 non-accredited
State Notice Colorado amendment confirmed in EFD

How to File the Completed Form

Colorado accepts the Form D notice filing through only one channel today, but it sits downstream of your federal filing, so two systems are involved. Knowing each step keeps your filing clean.

Step one, file federally on EDGAR. Submit Form D at the SEC’s EDGAR Online Forms login. The SEC charges no fee. Keep the filing confirmation and your accession number as proof.

Step two, file the state notice on EFD. Log in at efdnasaa.org, select Colorado, confirm your data, and pay. Colorado’s state notice fee is $50, a fixed amount with no separate state late fee. EFD also charges a one-time $160 system use fee on your initial notice for each offering.

Payment methods. EFD accepts payment online by card or ACH through the portal; you cannot pay Colorado directly by check for these filings, since hard-copy submissions ended on December 1, 2020. Processing time is effectively immediate, because the notice is accepted on submission rather than reviewed and approved. Proof of filing is your EFD confirmation and receipt, which you should download and store with your cap table records.

There is no mail, fax, or in-person option for the Rule 506 notice filing in Colorado. For help, the EFD desk is at 1-800-378-5007, and the Division is at (303) 894-2320.

What Happens After You File

Once you submit on EFD and pay, Colorado’s notice filing is complete; the Division does not “approve” it the way it would review a registration. Your filing simply joins the public record, searchable for free on EFD. This gives investors and regulators a window into your offering.

Your duties may not end at submission. If your offering lasts more than one year, you must file an annual amendment on or before the anniversary of your last filing. You also must amend to correct a material mistake, to report a change in certain information, or to increase your offering amount beyond what you reported.

If you never file, or file late, Colorado can view sales to its residents as made outside the state notice framework. That can open the door to enforcement under the Colorado Securities Act, including orders and penalties, and it can complicate future raises when investors’ counsel reviews your filing history. Because Colorado’s fee is only $50 and there is no separate state late fee, the cost of compliance is far smaller than the cost of a gap.

Mistakes to Avoid When Filling Out the Form

Each error below carries a real consequence, and most show up in routine review or due diligence.

  • Skipping the state filing after filing with the SEC. Colorado never receives notice, leaving your in-state sales exposed to enforcement.
  • Missing the 15-day deadline. You file late, and although Colorado charges no separate late fee, the lateness sits on your public record for investors to see.
  • Choosing the wrong exemption in Item 6. Claiming 506(c) while you sold to a non-accredited buyer breaks the exemption entirely.
  • Reporting a non-accredited investor in a 506(c) filing. This directly contradicts your exemption and can void it.
  • Misstating the date of first sale. Your deadline calculation collapses, and the filing can be deemed untimely.
  • Entering a trade name instead of the legal entity name. Your filing fails to tie to your registered company and creates amendment headaches.
  • Listing an unregistered finder in Item 12. This can trigger a Colorado broker-dealer registration violation.
  • Leaving off an officer or director in Item 3. It looks like concealment of control persons and undermines trust.
  • Confusing total offering amount with amount sold in Item 13. Readers misjudge whether your round is open or closed.
  • Forgetting the annual amendment on a multi-year offering. Your filing goes stale and falls out of compliance.
  • Using a P.O. Box you do not monitor for Item 2. You miss official notices that carry deadlines.
  • Letting the one-hour EFD timeout expire. You lose your entries and must start the filing over.

Do’s and Don’ts

These quick rules keep your Colorado notice filing accurate and timely.

Do:

  • Do file federally on EDGAR first, because the state EFD filing builds on that federal Form D data.
  • Do confirm your exact legal name against your Secretary of State record, so your filing ties cleanly to your entity.
  • Do calendar the 15-day deadline from your first Colorado sale, since timing drives the whole filing.
  • Do download your EFD receipt, because it is your only proof of filing.
  • Do set a reminder for annual amendments, so a multi-year offering never goes stale.
  • Do gather every number before logging in, since the one-hour timeout punishes the unprepared.

Don’t:

  • Don’t assume the SEC filing covers Colorado, because the state notice is a separate submission.
  • Don’t guess at investor counts, since errors can signal an exemption violation.
  • Don’t pay a finder who is not registered, because that risks a Colorado registration violation.
  • Don’t enter a virtual address you never check, since missed mail means missed deadlines.
  • Don’t claim 506(c) if you took any non-accredited money, because it breaks the exemption.
  • Don’t ignore an oversubscription, since exceeding your stated amount requires an amendment.

Pros and Cons of Filing on Your Own vs. With Help

Many founders can self-file a simple Colorado notice, but complex deals often justify professional help. Here is how the two paths compare.

Pros of filing on your own:

  • Lower cost, because you avoid attorney fees on top of the $50 state fee.
  • Speed, since you control the timing and can file the moment your data is ready.
  • Learning, as you understand your own offering details firsthand.
  • Simplicity for clean deals, where a single-state 506(b) round has few moving parts.
  • Direct control, with no back-and-forth waiting on a third party.

Cons of filing on your own:

  • Exemption risk, because a wrong Item 6 choice can void your federal exemption.
  • Deadline risk, since you alone track the 15-day and annual amendment clocks.
  • Multi-state complexity, where investors in several states each trigger separate notices.
  • No legal review, so a finder or accreditation issue can slip past you.
  • Time cost, as gathering and confirming data pulls you from running the business.
Filing Pro Se Filing With Counsel
Costs only state and EFD fees Adds legal fees but adds review
You track every deadline yourself Counsel calendars and amends for you
Best for simple single-state 506(b) Best for 506(c), funds, multi-state deals
You bear exemption-error risk Counsel reduces exemption-error risk

FAQs

Is the Colorado Form D notice filing the same as the SEC Form D?

Yes. It is the same Form D document, but submitted to Colorado through the EFD system as a separate state notice, in addition to your federal EDGAR filing.

Do I have to file with Colorado if I already filed with the SEC?

Yes. If you sold to a Colorado resident in a Rule 506 offering, you must also file the state notice through EFD; the SEC filing alone does not cover Colorado.

Is there a filing fee for Colorado’s Form D notice?

Yes. Colorado charges a fixed $50 state notice fee, and EFD adds a one-time $160 system use fee on your initial notice for each offering.

Does Colorado charge a late fee if I miss the deadline?

No. Colorado’s fee schedule shows no separate state late fee for the Form D notice, though late filing still appears on your public record.

Is there a deadline to file the Colorado notice?

Yes. You must file no later than 15 calendar days after the first sale of securities in Colorado, with the deadline rolling to the next business day if it lands on a weekend or holiday.

Can I still mail a paper Form D to Colorado?

No. Since December 1, 2020, the Division no longer accepts hard-copy Rule 506 submissions; all filings go through EFD online.

In Item 1, do I write my legal name or my “doing business as” name?

No. Do not use the DBA; enter your exact legal entity name as registered with the Colorado Secretary of State, character for character.

In Item 6, can I check both Rule 506(b) and 506(c)?

No. You pick the single exemption your offering actually relied on, because the two follow different rules on advertising and investor type.

In Item 14, can I report a non-accredited investor under Rule 506(c)?

No. Rule 506(c) requires all purchasers to be verified accredited investors, so a non-accredited count must be zero in a 506(c) filing.

In Item 7, is my yearly update a “New Notice” or an “Amendment”?

No. It is not a new notice; an annual update on a continuing offering is filed as an Amendment.

Do I need to file an annual amendment in Colorado?

Yes. If your offering lasts more than one year, you must file an annual amendment on or before the anniversary of your prior filing.

Will my Colorado Form D filing be visible to the public?

Yes. Rule 506 filings made through EFD are searchable by the public free of charge, so treat every field as accurate and public-facing.