An investor with a certain level of income or net worth who is thus able to participate in a private placement of securities (such as membership interests in a limited liability company) without being counted toward the maximum number of investors that are otherwise permitted in an offering exempted under Regulation D of the Securities Act of 1933. Such an investor does not need to meet the "sophistication and experience" requirements that are applicable to other investors, and if the securities in an offering are sold only to accredited investors, then there are no special information requirements. The most common accreditation criteria for an individual includes (roughly): an individual with income exceeding $200,000 in each of the two most recent years (or joint income with his/her spouse exceeding $300,000 in each of those years) and a reasonable expectation of reaching the same income level in the current year; OR an individual with a net worth (or joint net worth with his/her spouse) exceeding $1 million, excluding the person's primary residence. For additional information on who qualifies as an accredited investor, including how an LLC, Corporation, or Trust can qualify as “accredited investors,” see http://www.sec.gov/answers/rule506.htm.