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Anyone who offers or sells stock or other securities must comply with federal and state
securities laws or they will face criminal penalties (including jail sentences and monetary fines).
Every offer or sale of stock must be registered or qualified in every relevant jurisdiction (state and federal),
unless an exemption in a particular jurisdiction applies. If you are issuing stock
entirely within Indiana to fewer than 25 people who are very familiar with the corporation's operations, you have not advertised, and the investors are purchasing with the intention for investment, not the intention to resell, it is likely that you will be exempt under Indiana Code 23-19-2-2 paragraph 14.
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If you do not comply, please see a business attorney familiar with securities regulations.
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