-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 PJ66IExFmFfk49L1R5L3a2EhdmG/lsjF5qou5JvyCS+jGMdBGfIzClXbPdfrM0MS
 WKc4jQYPUyf7aTcdwuL+Xg==

<SEC-DOCUMENT>0001140361-03-003175.txt : 20030904
<SEC-HEADER>0001140361-03-003175.hdr.sgml : 20030904
<ACCEPTANCE-DATETIME>20030904171315
ACCESSION NUMBER:		0001140361-03-003175
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030902
FILED AS OF DATE:		20030904

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ORVIETO BRAD
		CENTRAL INDEX KEY:			0001260308

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		03882066

	BUSINESS ADDRESS:	
		STREET 1:		8100 SW 10TH STREET
		CITY:			PLANTATION
		STATE:			FL
		ZIP:			33324

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EQUUS II INC
		CENTRAL INDEX KEY:			0000878932
		IRS NUMBER:				760345915
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2929 ALLEN PKWY STE 2500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019
		BUSINESS PHONE:		7135290900

	MAIL ADDRESS:	
		STREET 1:		2929 ALLEN PARKWAY
		STREET 2:		STE 2500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77019
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-09-02</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000878932</issuerCik>
        <issuerName>EQUUS II INC</issuerName>
        <issuerTradingSymbol>EQS</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001260308</rptOwnerCik>
            <rptOwnerName>ORVIETO BRAD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>8100 SW 10TH STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>PLANTATION</rptOwnerCity>
            <rptOwnerState>FL</rptOwnerState>
            <rptOwnerZipCode>33324</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable>
<nonDerivativeTransaction>
<securityTitle>
<value>Common Stock, par value $0.001 per share</value>
</securityTitle>
<transactionDate>
<value>2003-09-02</value>
</transactionDate>
<deemedExecutionDate>
</deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>P</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>100</value>
</transactionShares>
<transactionPricePerShare>
<value>8.80</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>1206</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value></value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeTransaction>
<nonDerivativeTransaction>
<securityTitle>
<value>Common Stock, par value $0.001 per share</value>
</securityTitle>
<transactionDate>
<value>2003-09-02</value>
</transactionDate>
<deemedExecutionDate>
</deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>P</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>900</value>
</transactionShares>
<transactionPricePerShare>
<value>8.90</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>2106</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value></value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeTransaction>
</nonDerivativeTable>
<derivativeTable>
<derivativeTransaction>
<securityTitle>
<value>Stock Options</value>
</securityTitle>
<conversionOrExercisePrice>
<value>8.63</value>
</conversionOrExercisePrice>
<transactionDate>
<value>2003-08-04</value>
</transactionDate>
<deemedExecutionDate>
</deemedExecutionDate>
<transactionCoding>
<transactionFormType>4</transactionFormType>
<transactionCode>A</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionTimeliness>
<value></value>
</transactionTimeliness>
<transactionAmounts>
<transactionShares>
<value>5500</value>
</transactionShares>
<transactionPricePerShare>
<value>8.63</value>
</transactionPricePerShare>
<transactionAcquiredDisposedCode>
<value>A</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<exerciseDate>
<value>2003-08-04</value>
</exerciseDate>
<expirationDate>
<value>2013-08-03</value>
</expirationDate>
<underlyingSecurity>
<underlyingSecurityTitle>
<value>Common Stock, par value $0.001 per share</value>
</underlyingSecurityTitle>
<underlyingSecurityShares>
<value>5500</value>
<footnoteId id="F1"/>
</underlyingSecurityShares>
</underlyingSecurity>
<postTransactionAmounts>
<sharesOwnedFollowingTransaction>
<value>5500</value>
<footnoteId id="F1"/>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature>
<directOrIndirectOwnership>
<value>D</value>
</directOrIndirectOwnership>
<natureOfOwnership>
<value></value>
</natureOfOwnership>
</ownershipNature>
</derivativeTransaction>
</derivativeTable>
<footnotes>
<footnote id="F1">Equus II, Inc. granted Mr. Orvieto options to purchase 5,500 shares of common stock on August 4, 2003 at a price of $8.63 per share, which options vest 50% on the date of grant and 16-2/3% on the first, second, and third anniversaries thereof.</footnote>
</footnotes>
<remarks></remarks>
<ownerSignature>
<signatureName>/s/ Brad Orvieto</signatureName>
<signatureDate>2003-09-04</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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