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Documentation Required to Confirm Accredited Investor Status

Broward Florida Documentation Required to Confirm Accredited Investor Status

Name: Broward Florida Documentation Required to Confirm Accredited Investor Status
Brand: US Legal Forms
Rating: 4.61 (500 reviews)

Category:

Corporations - Startup - Venture Financing Process

State:

Multi-State

County:

Broward

Control #:

US-ENTREP-0011-7

Format:

Instant download

Description

Under SEC law, a company that offers its own securities must register these investments with the SEC before it can sell them unless it meets an exception. One of those exceptions is selling unregistered investments to accredited investors. To become an accredited investor the (SEC) requires certain wealth, income or knowledge requirements. The investor must fall into one of three categories. Firms selling unregistered securities must put investors through their own screening process to determine if investors can be considered an accredited investor. The Verifying Individual or Entity should take reasonable steps to verify and determined that an Investor is an "accredited investor" as such term is defined in Rule 501 of the Securities Act, and hereby provides written confirmation. This letter serves to help the Entity determine status.

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How to fill out Broward Florida Documentation Required To Confirm Accredited Investor Status?

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A letter from the investor's accountant, employer, licensed securities broker or registered investment advisor that confirms their accredited status will also suffice. There are a number of reliable third-party service providers that can verify an accredited investor meets SEC criteria on your behalf.

However, most investors won't have to frequently undergo intense scrutiny of their financial situations. Instead, they will undergo the verification process only once every five years. During the five-year period, investors may self-certify that they remain accredited.

Some documents that can prove an investor's accredited status include: Tax filings or pay stubs; A letter from an accountant or employer confirming their actual and expected annual income; or. IRS Forms like W-2s, 1040s, 1099s, K-1s or other tax documentation that report income.

There are essentially three approaches: (1) the issuer itself can verify each investor's status, (2) the investor's accountant, lawyer, or another professional can verify the investor's status, or (3) the issuer can hire a third-party verification service to verify each investor's status.

Do You Have to Prove You Are an Accredited Investor? The burden of proving that you are an accredited investor does not fall directly on you but rather the investment vehicle you would like to invest in. An investment vehicle, such as a fund, would have to determine that you qualify as an accredited investor.

To evidence your assets, you would upload bank statements, brokerage statements and other statements of securities holdings, certificates of deposit, tax assessments and appraisal reports. All documentation must be no more than 90 days old.

The SEC defines an accredited investor as either: an individual with gross income exceeding $200,000 in each of the two most recent years or joint income with a spouse or partner exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.

An Accreditation Investor Verification Letter is an official document provided by North Capital Private Securities Corporation, through the Accredited.AM website, that you can provide to third parties to satisfy the Accredited Investor verification requirement under Section 506(c) of Regulation D of the Securities Act

Broward Florida Documentation Required to Confirm Accredited Investor Status

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