What is the Form C and who files it?

The Form C is the disclosure document the SEC requires for every Regulation Crowdfunding (Reg CF) offering. To raise money from the public under Reg CF, a company must file a Form C with the Securities and Exchange Commission describing the offering and the risks that come with it.

If you have seen a Private Placement Memorandum (PPM) in a Regulation D offering, the Form C will feel familiar. It is essentially the same kind of disclosure document, restructured to meet the SEC’s specific format and guidelines. The SEC mandates it to promote transparency and help safeguard investor interests.

Who files it

The company raising the money — the issuer — is responsible for the Form C. If you are launching a Reg CF campaign, completing and filing the Form C is a step you need to understand and complete. If you run your offering on Invown, we will help you with the Form C, but completing and filing it remains your responsibility as the issuer.

Where investors see it

When a campaign launches on a funding portal such as Invown, the Form C is submitted and published on the SEC’s website, where any potential investor can review it. The portal also creates a page for your campaign that links to your Form C on the SEC site, so investors can read the full disclosure before deciding whether to invest.

Reg CF offerings on Invown are conducted through Invown Funding Portal LLC, an SEC-registered funding portal and FINRA member.

This article is general information, not legal advice. It is always recommended to consult a securities attorney or a crowdfunding professional before launching a Reg CF campaign. For a longer walkthrough, see our guide to the Form C, or reach out via support with questions about the process.