Legal Question in Business Law in California

Hi,

I am very uneducated on internet law, internet liability etc. I am about to start a website which will involve online accounts in which members will have Cash balances. In a lot of ways the website will be operating as an escrow service which would disperse payments to certain users after services are rendered per contractual agreements.

I would like to avoid escrow licensing fees and requirements if possible because I don't have the start up capital to do so. I was considering using "internet Bucks" or "Credits" which would essentially be cash equivalents but not actually cash. Would this release me from some liability and laws?

This is a very important issue for me and I don't have thousands of dollars to pay a lawyer.

Thanks

Matt


Asked on 9/05/10, 4:15 pm

1 Answer from Attorneys
Terry A. Nelson Nelson & Lawless

If you want to stay out of serious legal trouble, and jail, you would be well advised to retain corporate counsel to assist you in setting this up 'legally', if possible, in compliance with ALL the various rules, regs and laws you are about to run afoul of. If serious about doing so, feel free to contact me.

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Answered on 9/13/10, 3:01 pm


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