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Simplifying Small Business Sales: New Rules for Brokers

This act simplifies the process for small businesses to be sold or merged by creating exemptions from complex regulations for brokers. This can make these transactions easier and more accessible, potentially helping small business owners grow or exit their investments.
Key points
Brokers involved in small business mergers or acquisitions will be exempt from registering with the SEC, reducing costs and bureaucracy.
The exemption applies to companies with annual gross revenues under $250 million or earnings before interest, taxes, depreciation, and amortization under $25 million.
The act includes provisions to protect buyers, requiring brokers to provide access to financial statements before a transaction is finalized.
Brokers cannot engage in public offerings, hold funds, or provide financing to qualify for this simplification.
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Additional Information
Print number: 117_S_3391
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2021-12-14
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3391.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-12-14.

What are the main provisions?

Key points include:

  • Brokers involved in small business mergers or acquisitions will be exempt from registering with the SEC, reducing costs and bureaucracy.
  • The exemption applies to companies with annual gross revenues under $250 million or earnings before interest, taxes, depreciation, and amortization under $25 million.
  • The act includes provisions to protect buyers, requiring brokers to provide access to financial statements before a transaction is finalized.
  • Brokers cannot engage in public offerings, hold funds, or provide financing to qualify for this simplification.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy