Good questions. The Facebook/Goldman style investment vehicles have been blessed by the SEC in the form of a No Action letter back in March. For readers unfamiliar: an LLC fund is created that investors invest in, and that fund makes a single investment in the target company. The company only has one investor listed on their cap table and it makes several things (e.g. collecting signatures) significantly simpler. Investors maintain financial rights, but don't have voting rights in the company.

We can offer that vehicle to companies as a fundraising option. We also have a standard convertible note specifically for a large number of small investors that we've been using ourselves which addresses "large number of investor" concerns in a different way.

The JOBS act has already increased the accredited investor limit to 2000, and once the unaccredited investor legislation takes effect, those unaccredited investors won't count against that total.