A new piece of legislation would make it easier for small companies to raise money using online platforms by not having to file for public financial documents.

A bill is making its way through the U.S. Senate this week called the JOBS Act that would change federal legislation governing investing in startups and small companies that would allow them to raise more funds via crowd funding without having to file for public financial documents.  Currently, the number of shareholders a company can have before it has to go public is 500.  The JOBS Act would boost that to 1,000. GigaOm

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