# Important Questions for Builders

Here are some of the important questions that builder should try to think about before working on a RWA offering

Business

1. **Issuer Type and Objective**
   * What kind of issuer are you? (startup, asset holder, novel issuer)
   * What are your business objectives? (fundraising, strategic objectives)
2. **Target Audience**
   * Whom are you selling the tokens to? (U.S. or non-U.S., accredited or non-accredited, institutional investors or retail)
   * What are the limitations on investor participation in the RWA offering?
3. **Tokenization Focus**
   * Which part of the business/capital structure should be tokenized?
   * Are there other sources of capital, and how do they interact with the tokenized offering?
4. **Equity and Rights**
   * If tokenizing equity, what rights are included with the token? (voting, dividends, future cash flows)
   * Are there special rights bundled with the token not typically included in a security offering?

#### Legal

1. **Marketing and Promotion**
   * How will you market the RWA offering? Will general solicitation be used?
2. **Asset and Token Linkage**
   * How is the underlying asset being tokenized linked to the token?
3. **Corporate Structure and Compliance**
   * What is the optimal corporate structure for the issuance?
   * What are the primary issuance and secondary trading regulations to consider?
4. **Legal Framework**
   * Which exemptions from registration will be utilized? (e.g., Rule 506(c) of Reg D, Reg S)
   * What are the applicable resale restrictions and the impact of state laws?

#### Tech

1. **Secondary Trading and Compliance**
   * How will secondary trading restrictions be enforced?
2. **Post-Issuance Operations**
   * How are dividends or interest paid out to token holders?
   * How are lost tokenized shares handled?
   * How will voting be conducted, and how are regulatory reporting and other post-issuance compliance functions managed?


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