Hi my friend,
Once again, you ask a very interesting and challenging question. Unfortunately I don't know whether there is a satisfying answer to it. I think it really depends on the token that you want to create and what you write in your whitepaper.
Problems may arise if people invest in a token and the token goes belly up. As long as the investors are happy, they won't create problems I believe. I people feel they have been scamed they can ask for help from the law and then it might become problematic. Another point is the amount of money that is risen with a token. If you rise a couple of hundred bucks I believe nobody will be interested in coming after you. If you think more about 100'000k in steem, it might be another question altogether.

A token can be something funy but when the amounts are big, I believe it is still better to simply make a contract with the investors and not rely on a token in the first place. After the ICO wave and all the scams, I think regulators are keen in avoiding similar problems.

Best regards,
Achim