I just finished up with a another call for our Monday night OWNER FORUM. It was a great call and we had a lot of fun. I know, I always say they're great calls. But they're always great calls. But this one was different.
We had a special guest, Jeff Lerman, who is an attorney out of California. Jeff Lerman is a transactional attorney and as a litigator. What we talked about today had to do with joint venture partnerships and how to avoid securities laws by doing a joint venture.
You might think to yourself - if I'm raising private money, I've got to be doing PPMs and subscription agreements in determining whether accredited investors or sophisticated investors and all that type of stuff. But what Jeff got into is the fact that if you're doing a joint venture partnership, you do not have to comply with securities laws and here is the one rule. The rule that distinguishes whether you need to do, to go sit with a securities attorney and spend thousands of dollars for documents to be drafted on your deal or whether you do a joint venture partnership.
The one rule is this active versus passive. In order for a joint venture partnership to work and comply with the law, all joint venture partners must be active in the deal- active in the deal! That's what you have to do to comply.
If you're doing the securities or if you're offering securities, the distinction is that your investors who come into it are passive. They can't be active. If they're passive, then you must comply with the securities laws. And that's the key difference.
And so Jeff and I are going to be doing a webinar coming up for anyone and open to the entire world. This webinar that he and I are going to be doing will be following on the heels of this particular blog. But it is going to be talking about exactly how you comply with joint venture partnerships and avoid the securities laws.
Because I'm telling you guys, if anyone knows my story personally you know how those SEC boys don't play fair and they don't even comply with the law. So you don't want to be in that situation if anybody wants to find out my story.
I think you can do a Google search on sandbagged by the SEC. and I think that's going to pop up my story. So you can read more about it and find out what those did to me and my family. So good call. OWNER FORUM great group. We did not do our typical type of call where we talk about deals. We talk about what other people were doing because we had Jeff on for the whole hour and he was able to educate us on joint venture partnerships and how they work.
And one of the coolest things we talked about, which I thought was very interesting because I know this is so important. The joint venture partnerships can help resolve partnership issues before they begin. And that's definitely something we're going to talk about on the webinar. And if anyone also knows my story. The whole reason why I got into this whole issue with the SEC was because of a partner. A rogue partner who's out there doing stuff that we didn't even know he was doing. It ended up just devastating us financially.
So yeah, that's definitely something that you want to pick up on in the webinar. Until next time, keep studying and make offers. One rule - always remain in control of the deal. But you've got to make offers. Otherwise, this is nothing more than a very expensive hobby.