# Securities Questionnaire

Please answer the following questions. Remember, this is a simplified tool and cannot replace a thorough legal analysis.

### Questions:

#### Investment of Money

1. **Which statement best describes the participants' involvement in your offering?**
   * [ ] They are primarily investing money or other assets (5 points)
   * [ ] They are investing time or expertise (2 points)
   * [ ] They are donating without expectation of financial return (0 points)

#### In a Common Enterprise

2. **Is your offering associated with a broader project or enterprise?**
   * [ ] Yes (5 points)
   * [ ] No (0 points)

#### Expectation of Profits

3. **Does the success of other participants involved in the initiative affect the returns of your participants?**
   * [ ] Yes, directly (5 points)
   * [ ] Yes, indirectly (3 points)
   * [ ] No (0 points)
4. **Is the main objective of your initiative to achieve financial returns for participants?**
   * [ ] Yes (5 points)
   * [ ] No (0 points)
5. **Which best describes the primary motivation of the participants in your initiative?**
   * [ ] Potential for financial gain (5 points)
   * [ ] Personal enjoyment or use (1 point)
   * [ ] Both equally (3 points)

#### Efforts of Others

6. **On whose efforts do the financial returns of the participants largely depend?**
   * [ ] Others involved in the initiative (5 points)
   * [ ] The participants themselves (1 point)
   * [ ] It's a mix of both (3 points)
7. **Do the participants in your offering have significant influence over the success of the initiative?**
   * [ ] Yes (0 points)
   * [ ] No (5 points)

### Interpretation:

Add up your total points from all the questions (the maximum possible score is 35).

* If your total score is 28 or above, your transaction likely has significant characteristics of a security under the Howey Test, and there is a high probability of it being treated as such.
* If your total score is between 14 and 27, your transaction has some characteristics of a security, and there is a moderate probability of it being treated as such. Further legal analysis is recommended.
* If your total score is below 14, your transaction may have fewer characteristics of a security, indicating a lower probability, but this does not eliminate the risk. Always consult a legal professional to fully understand the implications.

Please remember this questionnaire is only a guide and does not represent a definitive legal determination. Consult with a legal professional to understand the full implications of your situation.


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