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/)