I suppose if you had actual experience with these things, we could talk about the nuances. Whatever.
My issue was that the SEC judges millionaires to be "qualified" to invest in non-registered securities, while "poor" people lack the sophistication to take any risk.
LLCs are still new business structures, from the point of view of the IRS and the SEC. I am sure there are thousands of LLCs that are operating in grey areas of the law, quite happily ignorant until some [censored] decides to sue over a technicality.
The crux is this: why shouldn't less-than-millionaires be allowed to invest modestly in whatever the hell they want?
“You never change things by fighting the existing reality.
To change something, build a new model that makes the old model obsolete.”
– R. Buckminster Fuller