Rep. Weninger and Senator Farnsworth introduce joint legislation to allow crowdfunding

Crowdfunding

CrowdfundingBy Sonoran News

Representative Jeff Weninger and Senator David Farnsworth have introduced HB 2591 AND SB 1450 to allow crowdfunding in Arizona.

Crowdfunding allows individuals to finance a project or venture by raising money from a large number of people.

The bill, if passed would allow donors to become equity stakeholders in your project or company, and allow for $10,000 per person and unlimited for qualified investors per offering.

One million per offering can be raised for companies or they can raise $2.5 million if they submit audited financials.

“If this passes in Arizona it could open up a way for many entrepreneurs to start their own businesses, said Representative Jeff Weninger. “Maybe you know someone who is developing the next innovative idea in technology, or maybe you have a friend down the street who wants to open a coffee shop. With this bill their dreams could be a reality.”

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