Still sorting the structure?
Join Office Hours or book a conversation. If placement is contemplated, work proceeds through Finalis Securities LLC where required.
Register for Office Hours →A plain-language walkthrough of the Howey factors — for founders and sponsors sorting whether a capital raise may involve a security. Educational only; not legal advice.
Creative structures, revenue shares, and pooled capital can trigger securities analysis even when no one says “equity.” Howey is the starting framework — not the finish line. Counsel decides; this page educates.
Capital (or something of value) committed with expectation of participation in an enterprise.
Fortunes tied to a shared venture or to the promoter’s efforts — not a purely individual asset.
Return framed as profit, yield, or appreciation — not merely consumption of a product or service.
Profits derived primarily from the managerial or entrepreneurial efforts of someone other than the investor.
Interactive questionnaire mounts here in production (Astro island / lightweight client). Mock shows layout only — no scoring claims, no “you are / are not a security” verdict language.
Wire product laterOutputs will be educational prompts and suggested questions for counsel — never a determination that an offering is or is not a security.
Join Office Hours or book a conversation. If placement is contemplated, work proceeds through Finalis Securities LLC where required.
Register for Office Hours →When the question moves from “is this a security?” to “how should capital enter,” consider the fixed-fee structuring engagement.
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