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Term Definition
504 Loan
An SBA loan product intended to facilitate the purchase of real property intended for business purposes.
7(a) loan
An SBA loan product intended to facilitate the purchase of business assets.
AB Trust
Trust that divides an estate into two portions upon first spouse's death for purposes of maximizing exemptions available to avoid estate taxes.
Advanced Health Care Directive
A document used to establish one's end of life decisions in regard to medical care.
Allocation of Purchase Price
The assignment of the purchase price among an array of different assets purchased.
Americans with Disabilities Act
A federal law intended to enhance access to commercial facilities for disabled persons.
annual exclusion
The amount that can be given as a gift per year without triggering a gift tax or need to utilize a portion of the Estate Tax Exemption.
Asset Purchase
A type of business sale that sells and transfers the assets of a business, but not the entity out of which the assets were utilized.
At-Will Employment
An employment contract intended to maintain maximum flexibility for the employer.
Agreement to respect a successor's ownership right in real property.
B Trust
Bypass trust or second part of an AB Trust that is disclaimed by the surviving spouse.
The cost of an asset used to determine the amount of gain upon sale.
The person named in a trust or will who inherits property.
Board of Directors
One or more individuals who govern a corporation.
Book check
The process by which a buyer of a business reviews and performs diligence in regard to the seller's books and records regarding profitability, sales and other financial metrics.