As federal legislation remains in the works on Capitol Hill, Governor Rick Snyder has added Michigan to the list of states establishing their own Equity Crowdfunding guidelines via a set of intrastate exemptions outlined in Public Act No. 264.
The new guidelines allow for businesses organized under Michigan law to seek up to $2 million in investment from Michigan investors/purchasers. Non-accredited investors, however, are limited to $10,000 per 12 month period and raises over $1 million will require audited financial statements or reviewed financial statements for the most recent fiscal year prepared by a CPA.
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