Legal Question in Business Law in Maine

Re: raising money

Yes, you can sell shares of the business. I am not aware of a specific limit of number of shareholders but there are various options of how you organize and choose the form of legal entity. At some point you may lose control of the business if you want to fund it via an equity process like this. There is no real security for a stockholder so it may be hard to raise mooney this way for a start up business. It may be preferable for you to retain full or majority ownership but obtain loans secured by the business.

I assist small business owners, and work with a number of local accountants for tax planning and community banks and would be happy to speak with you to see if some additional planning may be helpful for you.