The Wisconsin Crowdfunding Exemption Filing is the online notice a Wisconsin business sends to the Wisconsin Department of Financial Institutions, Division of Securities so it can legally raise money from Wisconsin investors over the internet without registering its securities. The filing is the gateway to the exemption created by 2013 Wisconsin Act 52 and codified at Wis. Stat. s. 551.202(26), and it must reach the Division at least 10 days before the offering starts.
Get one box wrong on this notice and the whole offering can collapse into an unregistered, illegal securities sale that exposes you to rescission, fines, and a stop order. The rules were last updated by 2017 Wisconsin Act 213, effective April 5, 2018, so make sure any guide you read reflects that revision. Since the law took effect on June 1, 2014, fewer than a few hundred Wisconsin issuers have ever used this path, which means most small-business owners are filling it out for the first time with no template to copy.
Here is what you will walk away knowing:
- 📋 What the 551.202(26) notice is and exactly who must file it.
- 🗂️ Every document and number you must gather before you open the online form.
- ✍️ A line-by-line, field-by-field walkthrough of the notice, the disclosure document, and the escrow agreement.
- 💵 The exact filing fee, deadlines, and the penalties for getting it wrong.
- 🧪 How “testing the waters” under Wis. Stat. s. 551.202(26m) and the 100-offer notice under Wis. Stat. s. 551.202(27) fit alongside this filing.
What the Filing Is and Who Must File It
The Wisconsin Crowdfunding Exemption Filing is a notice, not an application. You are not asking permission; you are telling the Division that you plan to rely on the intrastate crowdfunding exemption and are meeting its conditions. The Division receives the notice, posts it to its public Search Crowdfunding Filings database, and can issue a stop order if it spots a problem.
You must file if you are a “Wisconsin business” that wants to sell securities, such as stock, membership units, notes, or revenue-sharing agreements, to Wisconsin residents through a registered internet site. Under Wis. Stat. s. 551.202(26)(a), as revised in April 2018, the issuer must have its principal place of business in Wisconsin and be doing business in Wisconsin, but it no longer has to be organized under Wisconsin law. That single change opened the door to Delaware LLCs and corporations that actually run their operations inside the state.
The exemption lets you raise up to $1 million in a 12-month period, or up to $2 million if you obtained an audited financial statement for your most recent fiscal year and gave it to both investors and the Division. Any single investor may put in no more than $10,000 unless that person is an accredited investor or a “certified investor,” which the Division defines as someone with a net worth of at least $750,000 or income above $100,000 (or $150,000 jointly with a spouse) in each of the two most recent years.
The agency that receives the filing is the Division of Securities. The statute that requires it is Chapter 551, the Wisconsin Uniform Securities Law. The deadline that governs it is the 10-day pre-offering window. The penalty that follows non-compliance is loss of the exemption, which turns every sale into a violation of the registration requirement under Wis. Stat. ss. 551.301 to 551.306. Each of these four parts depends on the others: the agency enforces the statute, the statute sets the deadline, and missing the deadline triggers the penalty.
Before You Start: Documents and Information You Need
Filing this notice is mostly an exercise in assembly. The online form itself is short, but it points to several attachments that take real time to prepare. Gather everything below before you log in, because the system will not let you submit a complete notice without the disclosure document and escrow agreement attached.
- Your exact legal entity name and entity type. This must match your records at the Wisconsin DFI corporate registry, because the Division cross-checks names, and a mismatch can stall posting of your notice.
- Your principal place of business address in Wisconsin. The exemption fails if your principal office is not in Wisconsin, so this is the field examiners look at first.
- Your federal Employer Identification Number (EIN). The Division uses it to identify the issuer; leaving it blank delays processing.
- A completed disclosure document. This is the heart of the filing and must describe the business, the securities, the risks, and the use of proceeds.
- A signed escrow agreement with a financial institution authorized to do business in Wisconsin, because investor funds must sit in escrow until the target is met.
- An audited financial statement, but only if you intend to raise between $1 million and $2 million; without it, your cap is $1 million.
- The name and registration status of your internet site operator, because the offer can run only on a site registered under Wis. Stat. s. 551.205.
- Your target offering amount and the deadline to reach it, since investors get the right to cancel if you miss that target by that date.
- A $50 filing fee and a payment method accepted by the online portal, because the notice is not complete until the fee clears.
- A “bad actor” self-check confirming that no officer, director, or 20% owner is disqualified under Rule 506(d) of the federal Securities Act.
If any item is missing, the consequence is direct: an incomplete notice does not start the 10-day clock, so your planned launch date slips, and any sale made before a complete notice is on file falls outside the exemption.
Where to Get the Form and How to Access It
There is no paper PDF with a box-by-box layout for this exemption. Instead, the Division of Securities runs the notice as an online filing called the DFI 551.202(26) Issuer Exemption Notice Filing, which you start from the agency’s Crowdfunding page. Treat that online form as “the form,” and confirm you are on the page that reflects the April 5, 2018 revision tied to 2017 Wisconsin Act 213.
To reach it, open the Division’s File a DFI 551.202(26) Issuer Exemption Notice Filing link, create or sign in to the online filing account, and select the issuer exemption notice. The portal walks you through identity fields first, then asks you to upload the disclosure document, escrow agreement, and, if applicable, the audit.
If you also operate the website where the offering will appear, you must separately complete the Crowdfunding Internet Site Operator Registration online, which carries its own $100 fee under Wis. Stat. s. 551.205. Most issuers, though, list their offering on a site someone else already registered, so check that the operator’s registration is active before you file your notice.
For a financial audit that supports a raise above $1 million, the Division asks you to upload it with the disclosure document, and for the related 100-offer notice under 551.202(27), the audit goes by email to DFISecurities@dfi.wisconsin.gov. Keep a saved copy of every uploaded file, because the portal does not always let you retrieve attachments later.
Step-by-Step: How to Fill Out the 551.202(26) Issuer Exemption Notice Line by Line
The notice breaks into three logical parts: the issuer identity block, the offering terms block, and the attachments block. Below, each field gets its own walkthrough. Follow the order the online form presents, and use the exact entries shown so the Division can match your notice to your records.
Field 1: Issuer Legal Name
This field asks for the full legal name of the business selling the securities, exactly as it appears in your formation documents. Type the name in full, including the entity suffix such as LLC or Inc., and do not use a trade name or “doing business as” name here. For example, Badger Brew Collective LLC writes its name that way and not as Badger Brew.
If you operate under a registered trade name, there is usually a separate field for that, so keep the legal name in this box. A common mistake is entering the brand name customers know instead of the chartered name, which causes the Division’s cross-check against the corporate registry to fail and delays your notice. Many filers wrongly believe the name “just needs to be close enough,” but the Division treats this as an exact-match field, and a near miss can read as a different entity entirely.
Field 2: Entity Type and State of Organization
This field asks what kind of entity you are, such as a corporation, LLC, or limited partnership, and which state’s law you were formed under. Select the entity type from the dropdown and enter the state of organization, which after the 2018 amendment may be a state other than Wisconsin. For example, Northwoods Robotics Inc., a Delaware corporation that runs its operations in Madison, selects Corporation and enters Delaware.
The nuance here is that being a Delaware entity is fine, but your principal place of business must still be Wisconsin, which the next field captures. A common mistake is assuming an out-of-state formation disqualifies you and abandoning the exemption, when in fact the law was changed in 2018 to allow exactly this. The misconception that “Wisconsin crowdfunding requires a Wisconsin LLC” is outdated and traps founders who could otherwise qualify.
Field 3: Principal Place of Business Address
This field asks for the street address of your main office, the place where your leadership actually works. Enter a full Wisconsin street address using standard formatting, such as 612 W Main St, Madison, WI 53703, and avoid abbreviations the post office would not recognize. For example, Lakeside Eatery LLC enters its restaurant’s operating address in Milwaukee.
If you run the business from home, you may use your home address, but it must be a Wisconsin address, because the exemption hinges on a Wisconsin principal office. A common mistake is listing a registered-agent address or an out-of-state headquarters, which signals to the Division that your principal place of business is not in Wisconsin and can void the exemption. Filers often believe a Wisconsin mailing address alone is enough, but the statute looks at where the business is actually run, not just where mail is received.
Field 4: Employer Identification Number (EIN)
This field asks for the nine-digit federal tax ID assigned to your business by the IRS. Enter it in the standard XX-XXXXXXX format, with the dash, and double-check each digit against your IRS letter. For example, Badger Brew Collective LLC enters 47-1234567.
If you are a brand-new entity that has not yet received an EIN, you must obtain one before filing, because the Division uses it as the issuer’s unique identifier. A common mistake is transposing two digits, which can cause the notice to be mismatched and your file to be flagged for follow-up. Some filers think a Social Security number can substitute for the EIN, but a business raising capital from the public should always file under its own EIN.
Field 5: Type of Security Offered
This field asks what you are actually selling, such as common stock, preferred stock, LLC membership units, promissory notes, or revenue-sharing agreements. Describe the security plainly and match it to what your disclosure document and organizational documents authorize. For example, Northwoods Robotics Inc. enters Common Stock, while Badger Brew Collective LLC enters Membership Units.
The nuance is that the security you name here must be one your entity is legally allowed to issue, so an LLC cannot offer “stock.” A common mistake is describing the security loosely as an “investment opportunity,” which tells the Division nothing and invites a request for clarification. Founders sometimes believe the type of security is a formality, but it controls investor rights and tax treatment, so it must be accurate.
Field 6: Target Offering Amount and Maximum Amount
This field asks for the minimum you must raise for the deal to close (the target) and the maximum you will accept. Enter both dollar figures, keeping the maximum at or below $1 million, or up to $2 million only if you are attaching an audit. For example, Lakeside Eatery LLC enters a target of $150,000 and a maximum of $400,000.
The nuance is that the target drives the escrow release: under Wis. Stat. s. 551.202(26)(f)3, if you do not hit the target by the stated deadline, every investor must be offered the chance to cancel. A common mistake is listing a maximum above $1 million without attaching an audit, which exceeds the cap and breaks the exemption. Many filers wrongly think there is a cap on the number of investors, but the Division confirms the limit is on total dollars raised, not headcount.
Field 7: Offering Period and Deadline
This field asks how long the offering will run and the exact date by which you must hit your target. Enter a clear start and end date in MM/DD/YYYY format, because the disclosure rules require a stated time period. For example, Badger Brew Collective LLC enters a deadline of 12/31/2026.
The Division has confirmed that even though the time period is not spelled out in Wis. Stat. s. 551.202(26)(f)2, it is still required under (f)3, which gives investors the right to cancel if the target is missed by the stated time. A common mistake is leaving the deadline vague or open-ended, which makes the cancellation right impossible to apply and creates a defect in your offering. Filers sometimes believe they can quietly extend the deadline, but a material change to the offering period should be reflected in an updated disclosure to investors.
Field 8: Internet Site Operator Information
This field asks for the name and registration details of the website where the offering will be hosted. Enter the operator’s legal name and confirm it is registered with the Division under Wis. Stat. s. 551.205. For example, Northwoods Robotics Inc. lists Wisconsin Capital Portal LLC as its registered internet site operator.
The nuance is that the operator does not have to be a registered broker-dealer if it meets the conditions in Wis. Stat. s. 551.205(1)(b)2, such as not giving investment advice and not handling investor funds. A common mistake is launching on a general crowdfunding website that is not registered in Wisconsin, which instantly voids the exemption because the offer was not made through a registered site. Founders often assume any national crowdfunding platform qualifies, but the site must be specifically registered with the Wisconsin Division of Securities.
Field 9: Escrow Agent and Agreement Upload
This field asks you to identify the financial institution holding investor funds and to upload the signed escrow agreement. Enter the institution’s name and attach the executed agreement, choosing a bank or credit union authorized to do business in Wisconsin. For example, Lakeside Eatery LLC names Cream City Bank as escrow agent and uploads the signed agreement.
The nuance is that after the 2017 Act 213 update, the escrow agent must be authorized to do business in Wisconsin but no longer needs to be chartered under Wisconsin law. A common mistake is releasing funds from escrow before the target offering amount is reached, which violates Wis. Stat. s. 551.202(26) and can unwind the deal. Many filers think they can hold investor checks themselves until the deal closes, but the statute requires a third-party escrow, and self-holding funds destroys the exemption.
Field 10: Disclosure Document Upload
This field asks you to attach the full disclosure document that every prospective investor will receive. Upload a complete document covering the business description, the use of proceeds, the risks, the financial condition, and the rights tied to the security. For example, Badger Brew Collective LLC uploads a 24-page disclosure document that includes its business plan and a risk-factors section.
The nuance is that the document must also state the offering deadline and the cancellation right, because the Division reads (f)3 as requiring it. A common mistake is uploading a marketing pitch deck instead of a true disclosure document, which omits the required risk and financial information and renders the disclosure defective. Filers often believe optimistic projections satisfy the disclosure duty, but leaving out material risks is exactly what triggers anti-fraud liability under Wis. Stat. s. 551.501.
Field 11: Audited Financial Statement Upload (If Applicable)
This field asks you to attach an audited financial statement, and you only complete it if you are raising more than $1 million. Upload the audit for your most recent fiscal year, prepared by an independent accountant, alongside the disclosure document. For example, Northwoods Robotics Inc., aiming to raise $1.8 million, uploads its audited financials.
The nuance is that the audit must have been provided to prospective investors as well as the Division, not just filed quietly. A common mistake is claiming the $2 million cap while attaching only an unaudited or “reviewed” statement, which does not meet the standard and pulls your real cap back down to $1 million. Some founders believe a CPA-prepared compilation counts as an audit, but only a true audit unlocks the higher ceiling.
Field 12: Bad-Actor Certification
This field asks you to confirm that no covered person tied to your offering is a disqualified “bad actor.” Check the certification box only after verifying that no director, executive officer, or 20% owner has a disqualifying event under Rule 506(d). For example, Lakeside Eatery LLC confirms its two managers have clean records before checking the box.
The nuance is that disqualifying events include certain securities-fraud convictions, SEC orders, and regulatory bars within set look-back periods. A common mistake is certifying without actually running a background check on every covered person, which can later void the exemption if a disqualification surfaces. Filers often assume only the CEO matters, but the disqualification reaches officers, directors, and significant owners alike.
Field 13: Signature and Filing Fee
This field asks for the authorized signer’s name and title and collects the $50 filing fee. Type the signer’s full name, select the correct title such as Managing Member or President, and submit payment through the portal. For example, Badger Brew Collective LLC signs as Dana Whitfield, Managing Member and pays the $50 fee.
The nuance is that the signer must have authority to bind the issuer, so an employee without signing authority should not be entered here. A common mistake is submitting the notice without paying the fee, which leaves the filing incomplete and means the 10-day clock never starts. Many filers think the fee is refundable if the deal falls through, but the $50 notice fee is generally not returned once the notice is filed.
Three Filled-Out Examples Using Real Scenarios
Below are three common fact patterns, each following one filer through the notice. Use them to see how the same form flexes for different businesses.
Scenario 1: Badger Brew Collective LLC, a craft brewery raising $400,000 with no audit. Dana Whitfield runs a Madison brewery and wants neighbors to invest small amounts to fund a taproom expansion.
| Form Section | What Dana Enters |
|---|---|
| Issuer Legal Name | Badger Brew Collective LLC |
| Entity Type / State | LLC / Wisconsin |
| Principal Place of Business | 612 W Main St, Madison, WI 53703 |
| EIN | 47-1234567 |
| Type of Security | Membership Units |
| Target / Maximum | $150,000 / $400,000 |
| Offering Deadline | 12/31/2026 |
| Internet Site Operator | Wisconsin Capital Portal LLC (registered) |
| Escrow Agent | Cream City Bank |
| Audit Attached | No (raise under $1M) |
| Signature / Fee | Dana Whitfield, Managing Member / $50 |
Scenario 2: Northwoods Robotics Inc., a tech startup raising $1.8 million with an audit. Priya Nair leads a Delaware-incorporated robotics company headquartered in Madison and needs the higher cap.
| Form Section | What Priya Enters |
|---|---|
| Issuer Legal Name | Northwoods Robotics Inc. |
| Entity Type / State | Corporation / Delaware |
| Principal Place of Business | 330 E Lakeside St, Madison, WI 53715 |
| EIN | 82-7654321 |
| Type of Security | Common Stock |
| Target / Maximum | $750,000 / $1,800,000 |
| Offering Deadline | 09/30/2026 |
| Internet Site Operator | Wisconsin Capital Portal LLC (registered) |
| Escrow Agent | Badger State Bank |
| Audit Attached | Yes (raise above $1M) |
| Signature / Fee | Priya Nair, President / $50 |
Scenario 3: Lakeside Eatery LLC, a restaurant “testing the waters” first. Marcus Reed wants to gauge interest before committing, so he files the Solicitation of Interest Form DOSSOI under Wis. Stat. s. 551.202(26m) before the 551.202(26) notice.
| Form Section | What Marcus Enters |
|---|---|
| Issuer Legal Name | Lakeside Eatery LLC |
| Entity Type / State | LLC / Wisconsin |
| Principal Place of Business | 48 N Water St, Milwaukee, WI 53202 |
| Step Taken First | DOSSOI solicitation of interest filing |
| Sales Allowed | Only 20 days after last solicitation |
| Type of Security | Membership Units |
| Target / Maximum | $150,000 / $400,000 |
| Offering Deadline | 06/30/2027 |
| Escrow Agent | Cream City Bank |
| Signature / Fee (on 26 notice) | Marcus Reed, Managing Member / $50 |
How to File the Completed Notice
The Division of Securities accepts this notice through its online filing system, and online is the channel the agency expects you to use. Below is what each available path involves.
- Online portal (primary channel). Use the File a DFI 551.202(26) Issuer Exemption Notice Filing link, attach your disclosure document and escrow agreement, pay the $50 fee by the portal’s accepted method, and save the on-screen confirmation as your proof of filing. Plan for the notice to be on file at least 10 days before your offering starts.
- Audit by email (supporting document). If you are raising above $1 million, upload the audit with the disclosure document in the portal; for the related 551.202(27) notice, the audit instead goes by email to DFISecurities@dfi.wisconsin.gov, and you should keep the sent email as proof.
- Escrow notifications by email (ongoing). Your escrow institution emails the Division at DFISecurities@dfi.wisconsin.gov at least monthly, within five business days after month-end, without listing individual investor names; keep copies of these confirmations.
- Phone support. If the portal blocks you, call the Division at (608) 266-2139 for help, and note the date, time, and name of the staff member you spoke with as a record.
The expected processing experience is that your notice posts to the public crowdfunding filings database, and unless the Division raises an issue, the exemption is available once the 10-day window passes. Keep your confirmation number, a PDF of every uploaded attachment, and proof of the fee payment, because these are your evidence that you filed correctly and on time.
What Happens After You File
Once your notice is on file and complete, the 10-day clock runs, and after it passes you may begin offering and selling securities through the registered internet site. The Division posts your notice publicly, so investors and the agency can see the offering exists. From this point your obligations shift from filing to ongoing compliance.
You must hold all investor money in escrow and may not touch it until the target offering amount is reached, and if you miss the target by the stated deadline, every investor must be offered the chance to cancel. Your escrow institution reports receipts to the Division at least monthly under the agency’s FAQ guidance, and you must provide quarterly reports to your investors under Wis. Stat. s. 551.205(2) until no crowdfunded securities remain outstanding.
After the 2018 amendment, issuers no longer file those quarterly investor reports with the Division automatically, but you must hand them over within 10 business days if the Division asks. The internet site operator, separately, files its own quarterly progress reports with the Division within 10 business days of each calendar quarter. If the Division finds a defect, it can issue a stop order, and any sale that fell outside the exemption can give investors a right of rescission, meaning they get their money back.
Mistakes to Avoid When Filling Out the Notice
Each of these errors maps to a specific field or duty, and each carries a concrete consequence.
- Filing fewer than 10 days before the offering. Your offering starts illegally because the notice window has not closed.
- Listing an out-of-state principal place of business. The exemption is void because the issuer is not a Wisconsin business.
- Claiming the $2 million cap without an audit. Your real ceiling drops to $1 million, and the excess raise is unexempt.
- Using an unregistered crowdfunding website. The offer was not made through a registered internet site, so the exemption fails.
- Releasing escrow funds before the target is met. You breach the escrow rule and can be forced to unwind every sale.
- Uploading a pitch deck instead of a real disclosure document. Missing risk and financial disclosures expose you to anti-fraud liability.
- Leaving the offering deadline blank or open-ended. Investors cannot exercise the cancellation right, creating a defect in the offering.
- Selling to a non-Wisconsin resident. A single out-of-state sale breaks the intrastate condition and can collapse the exemption.
- Skipping the bad-actor check on a 20% owner. A hidden disqualification later voids the exemption retroactively.
- Entering a trade name instead of the legal entity name. The Division’s records cross-check fails and your notice stalls.
- Forgetting to pay the $50 fee. The notice stays incomplete, so the 10-day clock never starts.
- Letting any single small investor exceed $10,000. You break the per-investor cap unless that person is accredited or certified.
Do’s and Don’ts
These habits separate clean filings from rejected ones, and each comes with the reason behind it.
Do’s
- Do confirm your internet site operator is registered first, because your offering can only run on a registered site.
- Do attach a true audit if you want the $2 million cap, since only an audit unlocks the higher ceiling.
- Do write a complete disclosure document with risk factors, because omissions create fraud exposure.
- Do set a clear offering deadline, so the investor cancellation right can actually work.
- Do run a bad-actor check on every officer, director, and 20% owner, because any one of them can disqualify the deal.
- Do save your confirmation and all attachments, since they are your proof of timely filing.
Don’ts
- Don’t touch escrow funds before hitting the target, because doing so unwinds the offering.
- Don’t sell to anyone outside Wisconsin, since the exemption is strictly intrastate.
- Don’t rely on an outdated guide, because the rules changed materially on April 5, 2018.
- Don’t exceed $1 million without an audit, as the extra raise is unexempt.
- Don’t use a generic national platform that lacks Wisconsin registration, because that voids the offer.
- Don’t let any non-accredited investor exceed $10,000, since that breaks the per-investor cap.
Pros and Cons of Filing on Your Own vs. With a Securities Attorney
Many founders can file the notice themselves, but the disclosure document and escrow terms are where professional help pays off. Weigh these points.
Pros of filing on your own
- Lower cost, because you avoid legal fees on a deal that may be small.
- Speed, since you control the timeline and can file as soon as documents are ready.
- Direct knowledge, because you understand your own business plan better than anyone.
- Simplicity for tiny raises, where a short disclosure document is manageable.
- Full control of investor communications, since you draft them yourself.
Cons of filing on your own
- Disclosure mistakes carry fraud risk, because omitted risk factors trigger liability.
- Escrow and cancellation rules are easy to misapply, which can unwind the deal.
- Bad-actor analysis is technical, and a missed disqualification voids the exemption.
- Securities classification errors, such as an LLC offering “stock,” can derail the filing.
- No second set of eyes, so a single field error can delay or break the offering.
FAQs
Is the Wisconsin crowdfunding exemption filing the same as registering my securities?
No. It is a notice claiming an exemption from registration under Wis. Stat. s. 551.202(26), not a full securities registration, which is a longer and costlier process.
Do I have to file at least 10 days before my offering?
Yes. The Division requires the complete notice, including the disclosure document and escrow agreement, on file at least 10 days before you begin the offering.
Can my business be a Delaware LLC and still qualify?
Yes. Since the April 2018 update, the issuer needs its principal place of business in Wisconsin and must do business here, but it no longer must be organized under Wisconsin law.
How much can I raise through the exemption?
Yes, there is a cap: up to $1 million in 12 months, or up to $2 million if you obtained and shared an audited financial statement for your most recent fiscal year.
Is there a limit on the number of investors?
No. The Division confirms the limit is on total dollars raised, not the headcount of investors, though small investors are individually capped at $10,000.
Do I enter my legal entity name or my brand name in the issuer name field?
Yes, use the legal entity name exactly as formed, such as Badger Brew Collective LLC, not the customer-facing brand, because the Division cross-checks the registry.
In the security-type field, can my LLC list “stock”?
No. An LLC issues membership units, not stock, so entering “stock” misstates the security and can prompt a Division request for correction.
Must I attach an audit if I raise under $1 million?
No. The audit is required only to lift your cap above $1 million toward the $2 million maximum; under $1 million, no audit is needed.
Does the escrow agent have to be a Wisconsin-chartered bank?
No. After 2017 Act 213, the escrow institution must be authorized to do business in Wisconsin but no longer needs to be chartered under Wisconsin law.
Can I run my offering on any national crowdfunding website?
No. The site must be registered with the Wisconsin Division of Securities under Wis. Stat. s. 551.205, or the exemption fails.
Do I have to put a deadline in the offering-period field?
Yes. The Division reads s. 551.202(26)(f)3 as requiring a stated deadline so investors can cancel if the target is missed by that date.
What is “testing the waters” and is it a separate filing?
Yes. It is a separate solicitation of interest under s. 551.202(26m) using Form DOSSOI, and no sales may occur until 20 days after your last solicitation.
How is the 551.202(27) notice different from this one?
Yes, it differs: the 551.202(27) notice covers certain intrastate offerings not conducted over the internet and is filed before the 101st offer, also with a $50 fee.
What happens if I miss my target offering amount?
Yes, there is a consequence: under s. 551.202(26)(f)3, all investors must be offered the chance to cancel their commitments, and they may cancel or proceed.
Is the $50 filing fee refundable if my deal falls through?
No. The notice filing fee is generally not returned once the notice is filed, so confirm your documents are ready before you submit.
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