b'Herearesomecommoncharacteristicsofintrastatesecurities exemptions: Most intrastate offerings allow accredited investors (as defined under the federal regulations), but they may also define their own investor qualifications, which could be more or less stringent than the accredited investor requirements. For certain state exemptions, no financial qualification may be required if a prior relationship exists and you dont advertise the opportunity.Certain state exemptions may limit the percentage of an investors net worth that can be invested in a single offering. Some intrastate exemptions may restrict the number of persons to whom an issuer can make offers or sales within a 12-month period. The former restriction means you would have to keep track of how many people you tell about your offering.You may need to file notices with the state securities agency before you make offers or sales.Certain exemptions may require that you submit your offering documents and/or obtain pre-approval before you start making offers to investors.If you choose an intrastate exemption for your securities offering, you should be able to recite the applicable state exemption by code number. If you dont know the code, how will you ever be able to comply with its rules?48'