Terms Used In Utah Code > Title 13 > Chapter 15 > Part 1 - General Provisions

• Business opportunity: means an arrangement under which a person:

  (i)	sells or leases a product, equipment, a supply, or a service: (A)  upon payment of initial required consideration of at least $500; and (B)  for the purpose of enabling the buyer or lessee to start a business; and

  (ii)

  represents to the buyer or lessee that: (A)  the person will provide a location or assist the buyer or lessee find a location for the use or operation of a vending machine, rack, display case, or other similar device, or a currency-operated amusement machine or device, on premises neither owned nor leased by the person nor the buyer or lessee; (B)  the person will purchase a product the buyer or lessee makes, produces, fabricates, grows, or modifies, using in whole or in part the product, equipment, supply, or service the buyer or lessee buys or leases from the person; (C)  the person will provide the buyer or lessee with a guarantee that the buyer or lessee will receive income from the product, equipment, supply, or service the buyer or lessee buys or leases from the person that exceeds the amount the buyer or lessee pays to buy or lease the product, equipment, supply, or service, and if not the person will repurchase the product, equipment, supply, or service, if the buyer or lessee is dissatisfied; or (D)  the buyer or lessee will or may derive income from the business described in Subsection (1)(a)(i) that exceeds the amount the buyer or lessee pays to buy or lease the product, equipment, supply, or service. See Utah Code 13-15-102 Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Division: means the Division of Consumer Protection of the Department of Commerce. See Utah Code 13-15-102 Franchise: means the same as that term is defined by Federal Trade Commission rules governing franchise and business opportunity ventures. See Utah Code 13-15-102 Guarantee: means a written agreement that: (a)  a purchaser and seller sign; and (b)  discloses the complete details and each limitation or exception of the agreement. See Utah Code 13-15-102 Initial required consideration: includes the sum of any down payment and the total of all additional payments, if the purchaser's payment under the terms of the business opportunity is over a period of time. See Utah Code 13-15-102 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means :Utah Code 68-3-12.5 Principal: means as the division determines by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 13-15-102 Purchaser: means a person who buys or leases from another person a business opportunity. See Utah Code 13-15-102 Seller: means a person who offers to sell, offers to lease, sells, or leases to another person a business opportunity. See Utah Code 13-15-102 service mark: means a trademark, trade name, or service mark registered with the United States Patent and Trademark Office, or Utah, or the state of incorporation if a corporation. See Utah Code 13-15-102 State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5