Glossary · People and paperwork
In short
These are legal arrangements that can own a business or assets. If a trust or estate is involved as an owner, additional documentation is required to confirm its legal standing and beneficiaries.
If the selling business is owned by a Trust or Estate, or if you plan to hold ownership through one, the SBA and lender need to review the governing documents. They must understand who controls the entity and who the ultimate beneficiaries are to ensure eligibility and personal guarantees are properly secured.
13 CFR Part 120 — Business Loans
Office of the Federal Register · Federal regulation
SOP 50 10 — Lender and Development Company Loan Programs
U.S. Small Business Administration · SBA Standard Operating Procedure
Last checked 2026-06-15. Official sources control — verify before relying on any rule for a live deal.
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.
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