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