Maine Legislature Approves Crowdfunding Bill

Maine businesses may now raise up to $1 million in capital by selling small amounts of equity to individual investors as a result of legislation that recently became law without the signature of Gov. Paul LePage. Using a model similar to crowdfunding websites such as Kickstarter, participating businesses will be able to register with the Maine Office of Securities, setting both a fundraising goal and deadline.  Individual investors will be able to purchase up to $5,000 in equity from a single business. In order for the round of fundraising to be approved, businesses will have to achieve their fundraising goal by the deadline they initially set. Read the legislation…