The Reg D Private Securities Offering Guide for Small Businesses and Entrepreneurs

10-Point Checklist for a Successful and Compliant Reg D Private Securities Offering

Introduction:

As an experienced business attorney who advises small businesses and entrepreneurs, I've witnessed firsthand the challenges and rewards of raising capital. One popular method for startups and small businesses to raise funds is a Regulation D (Reg D) private securities offering. This article provides a 10-point checklist to help you navigate the legal complexities of conducting a Reg D offering for your business.


1 - Choose the Right Exemption:

Reg D offers three main exemptions: Rule 504, Rule 506(b), and Rule 506(c). Choosing the proper exemption is crucial based on the amount you plan to raise and the type of investors you wish to target. Consult with an attorney to determine which exemption is the best fit for your specific needs.


2 -  Form Your Business Entity:

Before you can proceed with a Reg D offering, you need to ensure your business entity is properly formed and registered in the state where it operates. Your attorney can help you decide on the most appropriate business structure and guide you through the formation process.


3 - Craft a Comprehensive Business Plan:

A well-prepared business plan will help you attract investors and keep your business on track for success. Include detailed information about your company's objectives, market analysis, financial projections, and management team. Your attorney can review your plan to ensure it addresses any legal or regulatory concerns.


4 - Draft a Thorough Private Placement Memorandum (PPM):

A PPM is a disclosure document that provides potential investors with important information about your business and the securities offered. It should cover risk factors, offering terms, investor suitability standards, and subscription procedures. Your attorney can assist you in drafting a PPM that complies with federal and state securities laws.


5 - Develop a Subscription Agreement:

This legally binding document outlines the terms and conditions of the investment, including representations and warranties, investor qualifications, and any investor-specific rights. Work with your attorney to create a subscription agreement that meets the unique requirements of your offering.


6 - Set Up an Escrow Account:

Establish an escrow account with a qualified financial institution to securely hold investor funds until you reach the offering's minimum funding threshold. This step helps ensure transparency and trust between you and your investors.


7 - Verify Investor Accreditation:

For Rule 506(c) offerings, it's essential to take reasonable steps to verify the accredited investor status of potential investors. This process usually involves obtaining documentation demonstrating the investor's income or net worth. Consult with your attorney to ensure you're meeting the verification requirements.


8 - File Form D and Comply with State Laws:

After the first sale of securities, you must file Form D with the Securities and Exchange Commission (SEC) within 15 days. Additionally, you may need to comply with state "blue sky" filing requirements. Your attorney can guide you through this process and ensure you meet all applicable deadlines.


9 - Maintain Ongoing Compliance:

Keep accurate records of all investors, funds received, and securities issued. Provide regular updates to investors about your company's progress and address any concerns they may have. Your attorney can help you stay on top of ongoing compliance requirements.


10 - Stay Informed and Plan for the Future:

Securities laws and regulations can change, so staying informed and adapting as needed is essential. Work closely with your attorney to ensure ongoing compliance and develop a post-offering plan for managing investor relations, providing financial reporting, and meeting regulatory obligations.


Conclusion:

Conducting a Reg D private securities offering can be a powerful way for small businesses and entrepreneurs to raise capital. Following this step-by-step guide and working closely with an experienced business attorney, you can navigate the legal complexities and successfully complete your offering.


By Adrienne Langmo September 30, 2025
As the federal fiscal year draws to a close, thousands of federal employees face an unsettling possibility if a continuing resolution is not passed: not just another shutdown and temporary furlough, but permanent layoffs through Reduction in Force (RIF) notices. This week, the Office of Management and Budget (OMB) instructed federal agencies to consider issuing RIF notices to employees (if certain conditions are met) rather than the usual temporary Furlough notices issued during shutdowns. This is a big shift. But it does not mean layoffs are guaranteed. If they occur, federal employees are protected by a robust set of legal rights. There’s still a process before a RIF can be properly issued, complete with notice rights, retention rights, appeal rights and such other rights that the OMB does not purport to usurp. That said, we understand that the anxiety of this uncertain moment is real. Here are some tips to best prepare for the unknown, come the end of the federal fiscal year: Download Your eOPF, ASAP o Your electronic Official Personnel Folder may become inaccessible during a shutdown. Download it now to preserve your employment records. Download Your last 3 Performance Appraisals, ASAP o Include mid-year reviews and commentary. These documents may affect retention rights in a RIF. Also save records of other awards, commendations, and other notable performance records. Save Key Communications o Save emails, memos, or notices from HR or supervisors about your employment status or shutdown protocols. Ask Questions o Supervisors, HR, and union reps are navigating this too. Don’t hesitate to ask questions. If you receive a RIF notice or suspect you were subject to procedural violations, don’t hesitate to reach out to us for our advice. We are here to help. Shutdowns may be political. Your livelihood is personal. Let us help you safeguard it. -Adrienne Langmo, Partner
By Adrienne Langmo September 12, 2025
If you're working for — or running — a business with under 50 employees, the Family and Medical Leave Act (FMLA) might seem like a distant federal regulation. But for eligible employees and covered employers, it’s a powerful tool for balancing work and life during major health or family events. Here's what you need to know. 🧩 The What The FMLA is a federal law that allows eligible employees to take up to 12 weeks of unpaid, job-protected leave in a 12-month period for specific family or medical reasons, including: The birth or adoption of a child Caring for a spouse, child, or parent with a serious health condition Recovering from a serious health condition themselves Certain military-related family needs The leave can be taken intermittently, in blocks, or in one long swath. During FMLA leave, employers must maintain group health benefits as if the employee were still working. When the leave ends, the employee is entitled to return to the same or an equivalent position. 👥 The Who FMLA is mandatory for employers with 50 or more employees within a 75-mile radius. So, if your business has fewer than 50 employees at a given location, you’re not legally required to offer FMLA leave —but you can choose to adopt similar policies voluntarily. Employees must also meet FMLA eligibility criteria: Worked for the employer for at least 12 months Logged at least 1,250 hours in the past year Work at a location with 50+ employees within 75 miles *State employees may have additional benefits provided under state law. Here, we’re discussing private employers and employees. 🛠️ Employer Takeaways Treating employees appropriately during their FMLA leave and upon their return can present some hurdles for employers and coworkers, particularly when an employee has been on leave for some time and, e.g., projects or programs have evolved in their absence. You don’t have to navigate these situations alone; we can provide your team with the tools and information necessary to smoothly navigate the full FMLA process and avoid any sticky FMLA retaliation or interference claims. And, even if you’re not legally bound by FMLA, offering comparable leave can be a smart move. It builds trust, boosts retention, and shows you value your team’s well-being. Consider crafting a voluntary leave policy that mirrors FMLA protections, including: Clear eligibility rules Defined leave duration Job protection guarantees Coordination with paid time off or disability benefits For small businesses, this means you have flexibility—but also responsibility to communicate policies clearly. Want to overhaul those policies or craft great messaging to your team, give us a call! We’re here to make leave policies less painful and more practical. 📣 Employee Takeaways If you work for a small Utah employer, ask about your company’s leave policies. While FMLA doesn’t require you to use your accrued leave during your FMLA leave, it allows your employer to write into its policy a requirement that you do so. Make sure you read that policy! And, even if FMLA doesn’t apply, your employer may offer benefits similar to FMLA. If you’re dealing with a serious health issue or family emergency, document your situation, give notice as early as possible, and follow internal procedures. Need help understanding those procedures or your rights as an employee? We got your back! ⚖️ Final Thoughts FMLA is more than a legal acronym—it’s a lifeline for employees facing life’s biggest challenges. For Utah employers, understanding the law and choosing to offer similar protections can set your business apart. Whether you're an HR manager, CEO, or a team member, knowing your rights and responsibilities helps everyone navigate leave with clarity and compassion.
By Adrienne Langmo September 3, 2025
So, you’ve got an employee that wants to teach a night class? Drive for a ride share? Pursue a passion project on the side? That’s great…. Right? You can ensure it’s great for both you and your employee by entering a non-compete, non-solicitation, non-disparagement, and/or non-disclosure agreement and setting clear workplace boundaries . Non-Compete Agreements can help employers do damage control when an employee wants to branch out. Non-competes alone are limited, but when properly crafted and paired with the other agreements listed above, they can provide peace of mind and protection to employers. Utah law takes a close look at these agreements when it comes to enforceability, so don’t go it alone when it comes to crafting one. Boundaries Set boundaries with your employees on the use of their time, your equipment, and your company’s other resources like client lists or IP. And pay close attention with remote or telework employees where boundaries may be squishier. Here’s some examples where lines may get blurred: Can the employee use the office printer, or their allotted printing budget for their teaching gig? What if it’s just a couple sheets of paper? What if it’s their 100-page course outline? Maybe. Do you have an equipment policy that allows employees minor personal usage of the office equipment? Does it define “minor”? Might you want to update that policy if it doesn’t provide the clarity you need? We can help! Can the employee pick up a ride share client in the company vehicle while they’re out running an errand for the company What if it’s their personal vehicle? What if the trip is along the way, no deviation? Definitely not the company vehicle for insurance purposes of carrying a random person around. But otherwise, this raises the charmingly titled legal doctrine of “frolic and detour” where it is much less messy in terms of liability (for accidents, etc.) if the employee does not engage in personal errands while on the clock, when they’re supposed to be completing your company’s business. No double dipping. No frolicking, as tempting as frolicking sounds. Can they email one of the company’s clients with a question that’ll help them move things forward on their side project? Generally, probably not, especially if you have a non-solicitation agreement in hand. But, it may depend on more details than this scenario offers. When in doubt, talk about it with your employee, get an idea of what their end game is, and give us a call if you need a sounding board. Need help handling questions like these, updating policies, or putting together a non-compete agreement? We can help!