Newtown Square, PA asked in Business Formation, Business Law and Civil Litigation for Pennsylvania

Q: Send the copies of my passport and certificate of incorporation to potential investor ?

I am building my startup and I found an investor for my business (incorporated as LLC in PA, USA). Investor said that the deal will be done on the basis of equity financing. And now he is asking me to send the copies of my passport, certificate of incorporation, memorandum and articles of association.

My question is - is it safe for me to send the required documents ?

2 Lawyer Answers
Elizabeth Tarasi
Elizabeth Tarasi
Answered
  • Pittsburgh, PA
  • Licensed in Pennsylvania

A: The articles of incorporation, memorandum and articles he should be able to get himself from the Pa Corp Bureau.

Passport?? I would question this.

Nellie T Schulz agrees with this answer

1 user found this answer helpful

Nancy L Lanard
Nancy L Lanard
Answered
  • Plymouth Meeting, PA
  • Licensed in Pennsylvania

A: I believe you just posted this same question on Avvo, where I answered the question. There is no reason to share your passport info with an investor. If the investor wants to see your Certificate of Organization for the LLC, he or she can obtain that online. The other requested documents, a memorandum and articles of association don't make much sense to me.

Before you send him or her anything you should have the investor sign a Non-Disclosure Agreement. This is critical.

This sounds like a scam. Have you checked out the investor? You may want to run a background check on him or her. Be careful!

1 user found this answer helpful

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.