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Update On The New Crowdfunding Legislation...

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by Rodney C. Parnther
March 24, 2012 10:49 AM
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Back in November 2011, we first reported on a bill passed by the House of Representatives that would make it easier for independent filmmakers to raise money for their projects from investors. (click HERE for the original post).

2 days ago, the Senate passed the final version of that bill retitled the Jumpstart Our Business Startups (“JOBS”) Act.

Among other things, the bill...

  • allows you to advertise for equity investors on a crowdfunding site, something you can’t do now without running afoul of a bunch of securities laws;
  • allows you to raise up to $1 million this way from investors who put in no more than $10,000 each, or no more than 10% of their income, whichever is less;
  • allows you to raise up to $2 million if you supply your "crowd" investors with audited financial statements; doesn’t require you to disclose your company’s financial statements until you have more than 1,000 shareholders. Currently, SEC disclosure rules kick in once you hit 500 shareholders.
  • allows you to raise up to $50 million in an iPO without having to comply with the SEC’s full regulatory structure and related fees.

Read more about the new law here (http://www.forbes.com/sites/jjcolao/2012/03/21/jobs-act/)

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