Every piece of writing about an investment—websites, emails, pitch decks—is legally part of the offering record. Regulators treat anything that could influence a decision as material, so generic disclaimers won't protect you from liability for specific promises like guaranteed distributions. Draft everything as if a lawyer will read it, because one might.
That investor page from 18 months ago, still indexed. The SEC searches your name. Most syndicators think of the PPM as the legal document, the thing that needs to be carefully drafted. Everything else is marketing. Securities law sees it differently. Any written communication that describes your investment opportunity and could cause someone to decide to invest is part of the offering record. Your website, your pitch deck, the email you sent last quarter. If an investor relied on any of that, they have a claim based on what those materials said. And a disclaimer at the bottom doesn't cure a specific promise in the body. Past performance is not indicative of future results is general. We make quarterly distributions is specific. Specific statements get the attention. Everything you are publishing right now is creating a record. If a regulatory review ever happens, and they do happen, those materials are what get examined. Write them like they'll be read by an attorney because someday they might be. How to audit what you've already published and fix it is in the long form. See the link in the bio.
