Legal Question in Business Law in Indiana

My husband and I have recently started a website for poets to build a profile, post their poetry and share it with like-minded people. The site has "friending" capabilities and is, essentially, a social networking site, with world-wide membership. We'd like to implement a monthly contest, with a small entry fee per poem entered. Entries will be judged by a predetermined panel, and cash prizes will be dispersed to the top winners, based on the number of entries received, with a small percentage of the entry fees to be kept by the site for administrative costs. Are there any laws against doing something like this? Thanks so much for your help.

Asked on 3/23/11, 11:52 am

Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

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There are some tax obligations involved here and I suggest that you contact a local business law lawyer to assist you.

Answered on 3/23/11, 10:27 pm

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