Intrastate Offering

See: Interstate Offering. See: Regulation D. See: Regulation A.

Unlike Interstate Offering, this offering can only be purchased in the issuing state. So why would you even have this as a Thing? Because many small offerings, like a tiny muni bond offering or for a private placement of shares in a local-only chain of fast food ice cream freeze bars, simply doesn't need more than its own state's lawyers and regulators involved. The cost of a full national set of filings is onerous, and in many cases would be so expensive if a small company or municipality had to step over them...that it'd be too friction-laden to do the offering in the first place. Fewer intrastate employees would be hired; fewer politicos would be reelected.