Two friends contact you about an oppurtunity to make big money. Their idea is to start a business to market a new video game system. They estimate that it will take $5-10 million to begin productionand they want to raisemoney by selling shares in the company to investors. They want to get started as soon as possible. Your field of expertise is securities regulation.
What steps must be followed for your friends to raise money by issuing stock legally?
How much time is needed before potential investors can be approached legally?