So this is kind of an oddly phrased question. It's probably better to think of things in terms of offerings instead of companies. One company might have differe

So this is kind of an oddly phrased question. It's probably better to think of things in terms of offerings instead of companies. One company might have different offerings using different mechanisms to raise money. And different people can participate in different offerings. Pretty much anybody can participate in a registered offering or a Reg A offering, often called a mini-registration. A Reg D offering is however limited to accredited investors. With Reg D the SEC is basically saying "We won't require as much disclosure from you, but you'll have to raise money from a more sophisticated investor, ostensibly." Edit: spelling