There are a lot of exemptions - for example rule 504 of reg d is pretty liberal regarding how you raise funds as long as you raise less than $1m in a given 12 m

There are a lot of exemptions - for example rule 504 of reg d is pretty liberal regarding how you raise funds as long as you raise less than $1m in a given 12 month period... I recall that if you raise money from people in only one state you may be able to rely on state level rules and registration requirements