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Tax Clearance

A certificate issued by a government agency stating that no tax is due. See Also Successor’s liability. Tips Buyers often request a tax clearance certificate before closing on the purchase...

Term Sheet

A document used to outline the key terms of the purchase or sale of a business. See Also Letter of intent. Tips After a term sheet has been signed, it...

Third-Party Appraisal

An appraisal performed by an independent party that does not have a vested interest in the transaction. Tips Business brokers often claim that third-party appraisals are unbiased; however, business brokers...

Trade Dress

A form of intellectual property that generally refers to characteristics of the visual appearance of a product or its packaging, or even the design of a building, that signifies the...

Trade Secret / Trade Secrets

Any confidential business information that provides an enterprise a competitive edge. See Also Intellectual property. Tips Trade secrets encompass manufacturing or industrial secrets and commercial secrets. Trade secrets include sales...