Which of the following is a requirement for an intrastate exemption?

a. the issuer must use 100% of the offering proceeds on operations in the state in which the offering is made

b. the issuer needs to be incorporated in the state in which the offering is being made

c. the issuer needs to earn 100% of it income from operations in the state in which the offering is being made

d. the issuer must operate only in one state