Trade Dress

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...

Teaser

A short summary of a business that does not normally reveal the company’s identity, and is shown to prospective buyers before a non-disclosure agreement is signed. See Also Confidential information...

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 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...