Q: Can I raffle off a Colorado business that holds a 19 acre track of land in Colorado?
The business has no other assets sales or income.
Holding a raffle in Colorado is a regulated activity and requires a license issued by the Charitable Gaming Section of the Secretary of State’s office. A raffle can only be conducted by a legitimate, registered charity with an active non-profit registration in Colorado. In fact, the charity must have been in continuous operation, and in good standing, for the past 5 years in Colorado before a license application for a raffle will be considered. While raffle licenses are regularly issued by the Secretary of State, if the organizer is not a well-established charity as mentioned above the raffle is simply out of the question.
Take a look at https://www.sos.state.co.us/pubs/bingo_raffles/files/PlanningARaffle.pdf
A registered charity or non-profit organization in Colorado that does not qualify for a raffle license might consider holding a silent auction. Colorado Revised Statutes § 6-16-101 et seq. addresses the various fundraising methods a Colorado charity might use. A silent auction, conducted correctly by a Colorado charity or non-profit, would not require a raffle license.
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