Glossary · People and paperwork
In short
The government body (e.g., IRS, state Department of Revenue) responsible for collecting taxes. This is who you owe money to if you have a tax liability.
During due diligence, you'll review the seller's tax returns and financial statements. Any unresolved tax issues or outstanding liabilities with a taxing authority can transfer to you post-acquisition. Ensure all tax obligations are clear and satisfied by the seller before closing.
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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