Seling interests in patents on the internet is a pooling agreement and the entire scheme would have to be registered as a security. The SEC hates these deals because they were used to pool investors in packages of commercial mortgages in a manner that was supposed to circumvent the securities laws. The "club" is the same thing. So is your third idea. I have seen this work but what it involved is incorporating your company, issuing corporate debentures, and investing the money from the debentures into the patents, with the holders of the debentures getting a security interest in the patents. This still requires a Form D, blue sky filings in each state where it is offered, but you may be able to take advantage of the offeror exemption to registration. You need to sit down with a good SEC lawyer before you do anything. The liability for this type of scheme is enormous.
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