According to the Securities Act of 1933,any security offered or sold to a permanent resident of the single state where the issuer of the security resides and does business is exempt from the registration process.

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Under Section 3 of the Securities Act of 1933,any security offered or sold to a permanent resident of the single state where the issuer of the security resides and does business is exempt; it is considered an intrastate offering.Thus,local businesses can rely on local investors to raise an unlimited amount of capital without registration.

According to the Securities Act of 1933,any Security Offered or Sold