Washington State Equity Crowdfunding

I was recently asked whether I was aware of any companies having completed a Washington State equity crowdfunding offering.

I do not believe any companies have yet gotten through the process with the Washington State Department of Financial Institutions and completed an offering. But I am aware of several companies that are working on completing the Crowdfunding Form to submit it to the DFI.

If you are not aware, before you can proceed with a Washington State equity crowdfunding offering you first have to complete and submit the Washington Crowdfunding form with the DFI. The DFI then has to approve your form before you can proceed. The form is designed for companies to be able to complete it without the help of an attorney, but you should work with an attorney throughout your offering. You also need to have financial statements prepared in accordance with GAAP. You may need to work with accountant to prepare GAAP compliant financial statements.

The DFI has written a nice summary of the equity crowdfunding law here: http://www.dfi.wa.gov/small-business/crowdfunding

I was also asked where you can find the Washington Crowdfunding Form, and the DFI regulations.

You can find the forms here:

Crowdfunding Forms

You can find the regulations here:  http://apps.leg.wa.gov/wac/default.aspx?cite=460-99C