Yes. A syndication is raising capital from multiple investors for one specific, already-identified deal, like an apartment building or a business acquisition, rather than raising money first and finding deals later.

In a syndication, investors know exactly which asset their money is going into before they invest. In a fund, the operator often raises capital first, then they use that capital to make one or more acquisitions over time, which lets operators execute repeat deals under a single raise.

Of course we are biased, but yes, for many reasons. First, the law is very nuanced. Securities law is even more nuanced. If you are not trained in the law with years of experience dealing with exempt securities, you’ll probably miss something, and the cost of missing that thing could be higher than simply hiring a law firm like Polymath Legal to get it done the right way from the start. Second, creating all of the documentation and filing necessary to lawfully raise capital is the practice of law. As an operator, you may say, “This is my fund,” but that’s not quite accurate. You are in control of the fund and have some ownership of the fund but not full ownership. Drafting and creating complex legal documents for your fund, a third party, is the practice of law. In most states, it is a crime to practice law unless you are licensed to do so. Third, operators already take on a lot of risk and are pulled in multiple ways. Don’t add more to your plate by taking on legal compliance as well. Polymath Legal takes legal compliance off of your plate so that you can focus on your deal and your investors.

No. Depending on how your offering is structured, you may also need to comply with the Securities Exchange Act, the Investment Company Act, the Investment Adviser Act, a few other acts, and the securities laws of every state where you have investors.

Regulation D is the most commonly used exemption for private securities offerings. It lets you raise capital quickly, often in unlimited amounts, without the cost and delay of a full SEC registration and streamlined compliance requirements.

It depends on whether you want to advertise publicly. 506(b) allows a limited number of sophisticated, non-accredited investors but bars public advertising. 506(c) allows advertising, but every investor must be accredited and verified as such.

The SEC purposefully keeps this definition vague. Generally, it means a real relationship with an investor that existed before you opened the offering, substantial enough that you'd already know whether they're sophisticated or accredited, rather than a connection made through advertising the deal itself.

Yes. Depending on your deal, you might use Regulation A, Regulation CF, Regulation S, Section 4(a)(2), an intrastate offering exemption, or another structure suited to your situation. Polymath Legal can help you assess which exemptions best align with your goals.

Reg A and Reg CF let you accept non-accredited investors and advertise publicly. Depending on your goals, they might be a good option for you. However, they take significantly more time and potentially more money to put together than Reg D. Most syndicators only go that route when they specifically need a broader, non-accredited investor base for larger raises.

Most syndications need a Private Placement Memorandum (PPM), an Operating Agreement, and a Subscription Agreement, plus the required SEC filings and potentially a few other documents. Polymath Legal has prepared these full packages for clients for more than a decade and a half.

Not if they're passive investors expecting a return; that's still a security in the eyes of the law regardless of the personal relationship. Being friends or family alone isn't a securities exemption.

Most likely not. Securities law comes into play when you bring in outside investors. It's the structure of the investment, not how many deals you do, that determines whether securities law applies.

Most likely yes. Polymath Legal is only licensed to practice in California and Washington, but federal exemptions like Reg D apply nationwide, so the firm regularly helps clients with deals located throughout the US.

Start with a free 15-minute discovery call with Polymath Legal. The firm will walk through your deal, tell you which exemption and documents you actually need, and many services are available as flat-rate packages, so you know the cost upfront. If you have specific questions, you may consider a paid strategy session. For discovery calls, we simply explain our process, pricing, and the services we provide. For paid strategy sessions, you will meet with an attorney and receive actual legal advice.