We have the whole term business opportunity, but do you know what the business opportunity really is? Most of us have also heard the term Biz Op and this, of course, is just a shortened version of the word business opportunity. The actual legal definition of “business opportunity” is set by the Federal Trade Commission or FTC. And that legal definition could change soon if the Federal Trade Commission has something to say; and they do.
The proposed new definition of business opportunity as described in the Federal Trade Commission report on business opportunities and proposed rule changes is listed below;
Proposed Section 437.1 (d): “Business Opportunity”
“This definition establishes the scope of the proposed Rule. The proposed definition of” business opportunity “is intended to capture the sale of true business opportunities without regulating the ordinary sale of goods and services to companies. The three defining elements of the term” business opportunity “are: (1) an application to enter a new business; (2) the payment of consideration, directly or indirectly through a third party; and (3) a claim for earnings or an offer to provide commercial assistance , which is discussed immediately below. “
You see, the Federal Trade Commission is reviewing the franchise rule, which also covers business opportunities. This new definition will help serve the purpose of defining what the business opportunity really is and will help business opportunity sellers to know if they fit into that category or if they have to search a new category, such as a franchise, to see if they fit. in her. that definition.
The other reasons the FTC seeks to uniquely define business opportunities is to be able to monitor the law and stop ethical professionals from scamming consumers when they sell scams rather than business opportunities. There are many great business opportunity professionals who are very ethical in all respects; sadly, there are also less ethical professionals who harm consumers and operate fraudulently. Consider this in 2006.