Any payments for inventory sold at a bona fide wholesale price for resale should be exempted. A clear exemption should be created for franchises. Sale of securities. Many state laws specifically exempt the sale of securities. Substantial seller .
Many state laws exempt sellers with a net worth above a specific threshold.
Sophisticated investor . Some state laws exempt a sale to an investor with a substantial net worth. Such investors are viewed as having the capability, on the counsel, to protect themselves from fraudulent sellers. Large investment . This is usually a material investment made by a sophisticated investor.