Business Brokerage Compliance (Asset-Only)

State License? Notes
AlabamaNOAsset-only generally allowed
AlaskaGRAYDepends on structure
ArizonaYESLicense likely required
ArkansasNOTypically permitted
CaliforniaYESRequires license
ColoradoGRAYDepends on structure
ConnecticutGRAYLimited guidance
DelawareNOClear exemption
FloridaYESStatutory enforcement
GeorgiaYESCommon enforcement
HawaiiNOAsset-only allowed
IdahoGRAYIf lease/real estate involved
IllinoisYESRegistration required
IndianaNOGenerally allowed
IowaNONo explicit prohibition
KansasNOPermitted
KentuckyNOGenerally allowed
LouisianaGRAYEnforcement varies
MaineNOClear exemption
MarylandGRAYStructure matters
MassachusettsNOClear exemption
MichiganYESLicense likely required
MinnesotaGRAYDepends on structure
MississippiNOAllowed
MissouriNOPermitted
MontanaNOAllowed
NebraskaGRAYFact-dependent
NevadaYESLicense + permit required
New HampshireGRAYDepends on structure
New JerseyGRAYOften scrutinized
New MexicoNOAllowed
New YorkNOClear exemption
North CarolinaNONo clear requirement (asset-only)
North DakotaNOAllowed
OhioNOPermitted
OklahomaNOAllowed
OregonGRAYStructure-sensitive
PennsylvaniaGRAYEnforcement varies; licensing may be required depending on the activity.
Rhode IslandNOClear exemption
South CarolinaGRAYDepends on deal structure
South DakotaYESLicense likely required
TennesseeNOPermitted
TexasGRAYIf lease/real estate involved
UtahGRAYIf lease/real estate involved
VermontNOClear exemption
VirginiaGRAYDepends on structure
WashingtonYESLicense likely required
West VirginiaNOAllowed
WisconsinGRAYDepends on structure
WyomingGRAYDepends on structure

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