If you’re considering raising capital through Regulation Crowdfunding (Reg CF), you’ve likely heard the term Form C come up again and again.

So what exactly is Form C?
In short: it’s the foundational legal document that makes your crowdfunding campaign official in the eyes of the SEC — and the investing public.

In this post, we’ll break down:

• What Form C is

• Why it’s required

• What information it includes

• What founders and investors should understand about it

  
  

What Is Form C?

Form C is the disclosure document that a company must file with the U.S. Securities and Exchange Commission (SEC) to launch a Regulation Crowdfunding offering. It contains critical information about your business, your fundraising terms, and your financial condition.

Once filed and accepted, your offering becomes live and legally compliant, allowing you to begin accepting investments from the public.

Why Is It Required?

Form C exists to protect investors and promote transparency. Because Reg CF allows non-accredited investors to participate, the SEC requires that companies disclose enough information for the public to make informed decisions.

It ensures:

• The company is real and registered

• Financials are disclosed

• The terms of the offering are clear

• Investors know the risks

  
  

What’s Included in Form C?

Form C covers a wide range of information — some of it legal, some financial, and some strategic. Here’s a high-level breakdown of what founders need to prepare:

1. Company Information

• Legal name, structure, and address

• Website and social media

• Business description

2. Offering Details

• Amount you’re raising (minimum and maximum)

• Type of security (equity, SAFE, convertible note, etc.)

• Price per share or valuation cap

• Use of proceeds (how you’ll use the money)

• Deadline to invest

3. Ownership & Capital Structure

• Existing shareholders

• Capitalization table

• Rights of the security offered

4. Financial Disclosures

• Two years of GAAP financials (or since inception if newer)

• Reviewed or certified by an accountant (depending on how much you're raising):

  • <$124K – Certified by officer

  • $124K–$1.235M – Reviewed by independent CPA

  • $1.235M–$5M – audited by an independent CPA (depending on prior raises)

5. Risk Factors

• A list of potential risks that could affect your business or offering

• These should be realistic and honest — not boilerplate

6. Team Members

• Names, roles, and business experience of directors and officers

• Prior criminal or regulatory disclosures, if applicable

7. Deal Marketing

• Any planned advertising or solicitation methods

• Media used to promote the raise

8. Related Party Transactions

• Any business the company has conducted with founders, board members, or their affiliates

  
  

When Do You File Form C?

You must file Form C before your campaign goes live and starts accepting investments. Once filed, it will appear on the EDGAR database (SEC’s online system) and is also hosted on your crowdfunding platform’s site.

If anything changes during your raise (e.g., updated financials, extended deadlines, material business changes), you must file:

• Form C/A (amendment)

• Form C-U (progress update)

• Form C-AR (annual report)

  
  

What Founders Should Know

• It’s legally binding. Everything you disclose must be accurate — misleading investors can result in liability.

• Work with professionals. Legal counsel, accountants, and your crowdfunding platform will help you get it right.

• Budget time and money. Preparing and filing Form C takes time, especially if you need CPA-reviewed financials.

• It builds trust. A clean, thorough Form C builds investor confidence and signals that you’re serious.

  
  

Final Thoughts

Form C isn’t just a formality — it’s the legal and ethical foundation of a Regulation Crowdfunding raise. Whether you’re a founder preparing to file or an investor reviewing one, understanding Form C is essential to navigating the crowdfunding landscape responsibly.

At Highlander AI, we guide founders step-by-step through Form C preparation and ensure investors have full access to every detail before they invest.