Typically, you need to disclose enough information to allow the user(s) to make an informed decision.
Here’s a general list of information you should include in your white paper:
Return on Investment Info
Use of Proceeds
Competitive Analysis (typically in the business plan)
Ownership & Dilution
Company Legal Structure
I know, this list seems long. However, it’s best to be transparent. Without divulging trade secrets, you should explain, in as much detail as possible, the inner workings of your business. Moreover, get into the legal and financial status of your business, and be as forthcoming as possible regarding the background of management.
Users will ask a lot of questions, if your offering is adequately disclosed many of their questions will be answered before they ask. It may also help them make a quicker decision.