{"data":{"id":"us-md/md.-code-business-regulation-14-104","jurisdiction":"us-md","citation":"Md. Code, Business Regulation § 14–104","heading":"","body":"(a) This subtitle does not apply to:\n(1) a sale of an ongoing business if the owner of the business sells and intends to sell only that one business opportunity;\n(2) a not-for-profit sale, for less than $500, of sales demonstration equipment, materials, or samples;\n(3) an offer to sell or sale of a franchise registered or exempt from registration under Subtitle 2 of this title;\n(4) an offer to sell or sale of a business if the offer or sale is regulated under the Maryland Gasohol and Gasoline Products Marketing Act or the federal Petroleum Marketing Practices Act;\n(5) an offer to sell or sale of a business opportunity with a marketing plan made in conjunction with the licensing of a federally registered trademark or service mark, provided that the seller has a minimum net worth of $1,000,000 as determined on the basis of the seller’s most recent audited financial statement prepared within 13 months of the first offer that the seller makes in the State; or\n(6) any other sale or transaction if the Commissioner:\n(i) exempts the sale or transaction, by regulation or order, as not being within the purposes of this subtitle; and\n(ii) finds the registration of the sale or transaction to be unnecessary, inappropriate, not in the public interest, or not for the protection of investors.\n(b) Net worth may be determined on a consolidated basis if:\n(1) at least 80% of the seller is owned by one person; and\n(2) the person that owns at least 80% of the seller expressly guarantees the obligations of the seller with regard to the offer or sale of a business opportunity that the seller seeks to exclude under this paragraph.","path":["Article - Business Regulation"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gbr\u0026section=14-104","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:23Z","sha256":"6fbb388636d6535fbf88aab4a1320780e623af9b700b2be88ca291d6ad8a0d97","source_id":"us-md","stale":false,"prev":"us-md/md.-code-business-regulation-14-103","next":"us-md/md.-code-business-regulation-14-105"},"notice":"GroundRules: Original legal text. Not legal advice."}