Bernie just started a business and is trying to raise capital. He has both accredited and non-accredited investors investing in the company. What constraints on investments for new businesses apply here?

I can see that there are no choices.

Liquidity Constraint and Time Horizon Constraint

Explanation:

"Investment constraints" refer to the factors which restricts the investor into accessing some investment options. This could be classified into two: internal and external.

Liquidity Constraint is common for businesses and this is related to the "cash outflows." Since he is just starting a business, it would be better if he considers this so he'd value assets which can be converted into cash, without affecting the value of the portfolio.

Time Horizon Constraint is necessary because Bernie needs to know the time for the returns of investment. This classifies the investments into short-term or long-term.

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