Business Brokerage Compliance (Asset-Only)
| State | License? | Notes |
|---|---|---|
| Alabama | No | Asset-only generally allowed |
| Alaska | No | No explicit prohibition |
| Arizona | Gray | Aggressive enforcement |
| Arkansas | No | Typically permitted |
| California | Yes | Requires license |
| Colorado | No | Generally allowed |
| Connecticut | Gray | Limited guidance |
| Delaware | No | Clear exemption |
| Florida | Yes | Statutory enforcement |
| Georgia | Yes | Common enforcement |
| Hawaii | No | Asset-only allowed |
| Idaho | No | Generally permitted |
| Illinois | Gray | Broker oversight often required |
| Indiana | No | Generally allowed |
| Iowa | No | No explicit prohibition |
| Kansas | No | Permitted |
| Kentucky | No | Generally allowed |
| Louisiana | Gray | Enforcement varies |
| Maine | No | Clear exemption |
| Maryland | Gray | Structure matters |
| Massachusetts | No | Clear exemption |
| Michigan | No | Allowed |
| Minnesota | No | Permitted |
| Mississippi | No | Allowed |
| Missouri | No | Permitted |
| Montana | No | Allowed |
| Nebraska | No | No license required |
| Nevada | Gray | Regulatory scrutiny |
| New Hampshire | Gray | Depends on structure |
| New Jersey | Gray | Often scrutinized |
| New Mexico | No | Allowed |
| New York | No | Clear exemption |
| North Carolina | Yes | Aggressive enforcement |
| North Dakota | No | Allowed |
| Ohio | No | Permitted |
| Oklahoma | No | Allowed |
| Oregon | Gray | Structure sensitive |
| Pennsylvania | Gray | Enforcement varies |
| Rhode Island | No | Clear exemption |
| South Carolina | Yes | Often enforced |
| South Dakota | No | Allowed |
| Tennessee | No | Permitted |
| Texas | Yes | Often enforced |
| Utah | No | Generally allowed |
| Vermont | No | Clear exemption |
| Virginia | Yes | Aggressive enforcement |
| Washington | Yes | Often enforced |
| West Virginia | No | Allowed |
| Wisconsin | No | Permitted |
| Wyoming | No | Allowed |
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