Is it legal to ask for/collect funds online to achieve a personal goal?
I have an idea for an invention that would greatly reduce the world's dependence on fossil fuels, but I do not have the capitol to build a prototype and acquire a patent. My goal would be to raise $20,000 (USD), and I will not be offering anything in return to those who donate. Their only incentive would be the possibility of my success leading to the availability of fuel free vehicles and products. I would be asking for a minimum of $1 per person who donates through a PayPal account
Asked on 12/30/10, 11:24 am
1 Answer from Attorneys
Edward Hoffman
Law Offices of Edward A. Hoffman
As long as you do not mislead potential donors about why you want the money and don't promise anything in return (including tax deductions), I don't see a problem.
Answered on 1/04/11, 11:33 am
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