Glossary · People and paperwork
In short
A permit issued by a government agency that allows a business to operate legally within a specific jurisdiction. It's mandatory for most businesses.
Before closing, ensure the target business has all necessary and current licenses. As the buyer, you'll need to apply for new licenses or transfer existing ones in your name. Verify with local and state authorities to avoid operational delays post-acquisition.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
Know what you'll need before you apply
Tell us about the deal and who's buying — we'll flag the guaranty, eligibility, and paperwork issues that slow SBA approval before they cost you time.
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