Rule 504	Rule 505	Rule 506
Maximum dollar amount exempt	$1 million < (within 12 mos.)	$5 million < (within 12 mos.)	Unlimited
Type & Number of invester	Any type Any number	Unlimited Accredited investors 35 or less Unaccredited	Unlimited Accredited investors 35 or less Unaccredited but sophisticated
Disclosure	None required	To:Accredited investors audit F/S 35 or less Unaccredited but sophisticated None required	same as 505
General solicitation permitted	Yes	No	No
Restrictions on resale	No	Must hold for long term investment(2 years or more) and not resale	Same as 505

• Securities Act of 1933
• Exempted Securities
• Exempted Transactions
• Registration Process(1933 Act)
• Securities Act of 1934