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Kamal and his brother Tamal own Resort Management Company in San Diego, California. They are proposing to create an initial public offering to sell $600,000

Kamal and his brother Tamal own Resort Management Company in San Diego, California. They are proposing to create an initial public offering to sell $600,000 of stock in their company. The company limits its business to the management of resorts in California, and they want to restrict purchasers of the issue to California residents. Does this offering need to be registered? Why?

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