There are different methods of raising funds and different organizational forms.

1. Different ways of raising funds. Whether by definition or literally, private equity investment embodies the characteristics of non-publicity. Unlike private equity funds, equity crowdfunding has the characteristics of crowdfunding openness and the nature of "public offering". Therefore, in my country, the redefined “equity crowdfunding” specifically refers to “public equity financing”.

2. Different organizational forms. There are two main models of equity crowdfunding: one is the corporate system, in which investors join the financing company as new shareholders; the other is the partnership system, in which all investors join a partnership (usually a limited partnership), and the partnership and the financing party cooperate. From the current point of view, equity crowdfunding is based on partnership as the mainstream model.