SECURITIES REGULATION

1
SECURITIES REGULATION

• Investment K
• Solely from Efforts of Others"

2
Some Characteristics of Stock

• Dividends based on profit
• Negotiability
• Can pledge
• Vote proportionally
• Can appreciate in value

3
Set and/or Guaranteed Return?
4
Solely

• What if read literally?
• Whats this a proxy for?
• Partnership deals
• Franchise deals

5
Kinds of Effort

• Quantity and Type
• E.g., Oranges Deal