Home > business, business law, community development, Crowdfunding, startups, Uncategorized > Michigan Entrepreneurs and Start-ups: House Resolution Supports Crowdfunding for Start-up Businesses

Michigan Entrepreneurs and Start-ups: House Resolution Supports Crowdfunding for Start-up Businesses

On March 3,  Representative Tom Barrett introduced House resolution 235 (HR 235).  Today HR 235 was on the agenda for the Commerce and Trade Committee Meeting.

HR 235 is a  “resolution to support the United States Securities and Exchange Commission’s recent adoption of rules pursuant to Title III of the JOBS Act which are designed to facilitate small and start-up companies’ access to capital raised through crowdfunding.”

The resolution supports crowdfunding as viable tools for start-up businesses.

The resolution acknowledges:

Businesses in Michigan have greatly benefited from the opportunities created by the…Michigan Invests Locally Exemption (MILE) program. MILE has allowed everyday Michiganders, referred to as unaccredited investors, the ability to play a larger role in growing Michigan’s creative business ventures through Michigan-based crowdfunding platforms while still enjoying investor protections and security in their investments” (Emphasis added.)

HR 235 ends by stating that:

“we support the United States Securities and Exchange Commission’s recent adoption of final rules pursuant to Title III of the JOBS Act which are designed to facilitate small and start-up companies’ access to crowdfunding capital, fostering entrepreneurial growth and continued job creation in the state of Michigan and across the United States”

Entrepreneurs and Start-ups:

Although the resolution has no real significant legal effect, Michigan legislators want you to know that they are on your side.

A key point addressed in the resolution is the balance between allowing startups access to capital, all the while ensuring adequate “investor protections” for the unaccredited investor.

e-mail: Jeshua@dwlawpc.com

Twitter: @JeshuaTLauka

www.dwlawpc.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: