Ask HN: When you raised money, did you use an offering memo?
We are about to raise $1.5 M in the US from a set of people who are not business angels.Our lawyer is telling us that for that amount we do not need a complete offering memorandum, but that we still need to have him draft a legal document explaining the risks involved in the investment. It seems legitimate but I've never heard of such a thing.The cost of preparing this document is around $5k,...