When Purchasing a Business You Should Always Have an Attorney

question 6

True/False

When purchasing a business you should always have an attorney at the closing who represents both sides.

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Definitions:

Biweekly Salaries

Salary payments made to employees every two weeks, often resulting in 26 pay periods in a year.

Fiscal Period

A specific time frame, usually a year, used for accounting purposes and preparation of financial statements.

Payroll

The total amount paid to employees for a certain period.

Salary Expense

The total amount paid to employees as salaries over a period of time, representing a liability for services received by the business.