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Glossary

 
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Glossaries

Term Definition
B Trust
Bypass trust or second part of an AB Trust that is disclaimed by the surviving spouse.
Basis
The cost of an asset used to determine the amount of gain upon sale.
Beneficiary
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.
building standard
The fit and finish level of a building, or starting point for any buildout between new tenant and landlord
Bulk Sale
Transfer process for an asset sale which ensures that buyer of the assets is getting good title.
Buy-Sell Agreement
A document to establish a succession plan and protocol.