Glossary · People and paperwork
In short
These are the permits and rules your business needs to operate legally. You must understand them to avoid legal issues and ensure the business can continue after you buy it.
Before closing, you must confirm all current licenses are transferable or that you can obtain new ones promptly. Your SBA loan depends on the business's legal operation, so factor these into your due diligence and closing timeline.
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.
Free · No documents · Usually same-day