Legal Question in Business Law in New Jersey
Is a money pool legal?
I run a lifestyle newsletter, and I'm considering offering a money pool where one person every month gets the money in the pool--I wouldn't take a ''cut''. Is this legal? Can someone sue me if they put in money every month and never win the pool? Thank you.
Asked on 8/29/02, 3:20 pm
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
Re: Is a money pool legal?
This could be considered a lottery - even if you do not take a cut. You must be registered with the state to conduct one.
Answered on 9/03/02, 10:34 am
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