Glossary · People and paperwork
In short
Ensures the business has all necessary licenses and permits to operate legally. Without them, you risk fines or business closure.
Before closing, verify the seller holds all required local, state, and federal permits for their specific industry and location. A missing or expired permit can delay your loan or invalidate the deal. Make sure these are transferable or easily re-obtainable in your name.
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