united-states business legal-terms finance sec
Does the &quot;general public&quot; include business entities?
<p>Specifically regarding securities laws in the United States, there is often terminology that says:</p>

<blockquote>
  <p>... must not be marketed to the general public...</p>
</blockquote>

<p>The definition of "marketed" I understand and believe it has more to do with financial security markets as opposed to brochures and other common-parlance examples of "marketing" as a part of communication.</p>

<p>But specifically I would like to know if "general public" is limited to individuals, or if there is legal precedent to expand the definition to corporations, partnerships, etc.</p>

<p>My experience has been that in the context of securities laws,  the term <strong><em>general public</em></strong> <em>includes</em> but is <em>not limited to</em> business entities of all types.</p>

<p>If you reason it through, you should agree that this must be the case. This is because, as a practical matter, there is no way to separate business entities from individuals when it comes to marketing and solicitations. This is because <strong><em>one person</em></strong> can be a business entity (corporation, LLC, etc.)</p>
