Ask for the executed subscription and enterprise agreements, the private placement memorandum, the economic report behind the job figures, and any contract or authorization naming a public body. Compare each marketing claim with the document that supports it. Where nothing supports a claim, treat it as unverified rather than as a minor gap.
Build a claim-to-document index
Set out a two-column list: on the left, every statement that influenced the decision — amount, category, jobs, timeline, exit; on the right, the signed page number that supports it. Send the unsupported rows back to the sponsor as questions with a date for reply. The same discipline applies to the investor's own file, where bank records, sale contracts and tax filings must trace the money's lawful origin and its route into the enterprise.
Run the same discipline over the source-of-funds file, which is the part of the case the investor actually controls. Each tranche of capital should be traceable from a lawful origin, through the accounts it passed, to the enterprise, with documents for every step: sale agreements, tax filings, loan documents, gift declarations, bank records and exchange transactions. Gaps here are more often fatal than gaps in the sponsor's material, because they concern facts nobody else can supply.
Begin assembling that record before choosing a project, since the time it takes is independent of any offering and frequently longer than expected.