Legal Question in Business Law in Georgia
Is it legal in the state of GA to hold a fundraiser for yourself. I am trying to start a new business and I need $ 50,000 as start up capital.
2 Answers from Attorneys
You didn't say how you plan to do it.
If it's a lottery or game of chance, it's illegal and you can plan to go to jail.
If it involves selling some sort of interest in the business, you are selling securities and need a lawyer experienced in SEC filings, IPOs and stock deals.
Generally, yes. But the money given will not be a tax deduction by the payor.
If you would like to discuss any issues further, please feel free to contact my office. The link to my contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
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