-This used to be true but is no longer the case since the 2012 Jobs Act.
-If it is small enough to fall under the 2012 JOBS act then no harm, no foul, just keep up on your paperwork.
You can't do that. The law was signed by Obabma it's true, but there are no rules yet that allow ANYBODY to actually crowdsource funding. The SEC has dragged their feet on the matter and the states have said nothing. Like most securities laws there are two completely different sets of rules (fed and state) and there is no state who allows crowdsourced funding... even the fed does not allow it *yet*.
The rules for an individual business to do it are in place at the federal level. Utah has a crowd funding law in place. Last I checked Colorado was looking to do it too and Wyoming doesn't care as long as you register your shares, pay your taxes and no one complains.
What is not in place yet are the rules regarding companies that do this sort of thing on behalf of other companies. Something like kickstarter for companies cannot yet come into existence because the SEC is in the pocket of big wallstreet firms that make their money raping IPOs.
Still you as an individual small business can do this on your own or with the help of a lawyer. Just make sure to read the law and comply fully with it. There are a lot of paperwork obligations and a lot of hoops to jump through, but it's still less than it used to be.
And it is in effect now.