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Getting the money to start your small business is never easy. Or maybe you need cash to expand or take advantage of a new market or idea. Either way, you might be seeing the success of GoFundMe, Indiegogo, and Kickstarter campaigns and wondering if crowdfunding is the way to go.
Before you begin your crowdfunding campaign (or if you've already started), consider these legal ins and outs of crowdfunding for small business:
Before you start crowdfunding, are you sure it's the right move for your business? Weigh the pros and cons of crowdfunding against getting a small business loan from a bank first.
Obviously you want to kick your funding off on the right foot. Make sure you know who you can advertise your offering to, and how.
Along with regulating how you can advertise your crowdfunding campaign, the SEC can limit how much you can raise from investors per year, how much each investor can put in, and much more.
What if you're still at the conceptual stage of your small business? Can crowdfunding get your sky high idea off the ground?
The glass ceiling is real, but female small business owners may have an advantage when it comes to raising money.
If your crowdfunding campaign is a success, don't sabotage that good fortune by failing to pay taxes on the money you raise. Learn the ins and outs of that tax liability here.
Crowdfunding isn't for everyone. And if it doesn't work for your small business, that doesn't mean you're out of options.
If you're looking for crowdfunding to raise capital for your small business, you may want to talk to an experienced commercial attorney first.
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Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.