Would you leave Florida to be able to raise $1 million?

Georgia Crowdfunding Investment Association

Georgia Crowdfunding Investment Association

JERRY CHAUTIN | February 17, 2014 | Herald Tribune – For $1 million, would you leave Southwest Florida and move to another state? Georgia is betting that you will to take advantage of its Invest Georgia Exemption, an intrastate equity crowd-funding law that permits entrepreneurs to raise up to $1 million in capital to start and grow a small business.

Invest Georgia became effective on Dec. 22, 2012 and, according to news reports, some companies that can’t raise equity through crowd-funding in their own state are moving to Georgia.

To comply with the Federal JOBS Act’s exemption for states, Invest Georgia requires that both the small business selling its stock and investors buying the stock reside in Georgia. Otherwise, the more constraining federal rules will prevail.

If you would rather not live in Georgia, other states are jumping on board to offer their citizens alternatives to the federal law. The Invest Kansas Exemption became effective Aug. 12, 2011, and Washington state and North Carolina are both close to passing legislation.

With much fanfare and promises for small-business owners, the federal JOBS Act was signed into law on April 5, 2012. It was touted as a new way for business owners to raise the capital they need by selling up to $1 million of their stock online to ordinary investors.

Most investors would be limited to buying $2,000 in stock, and they would not have to meet the income or asset test required for accredited investors.

But investors and small-business owners waited impatiently for the Securities and Exchange Commission to write its final rules so that equity crowd-funding could start….

Read more: http://www.heraldtribune.com/article/20140217/ARTICLE/140219702/-1/living?Title=Would-you-leave-Florida-to-be-able-to-raise-1-million-

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