Series 24: Intra-state Exemptions: Regulation 147

Intrastate Exemptions: Rule 147

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 w