Transaction
Categories: Entrepreneur
A deal. Goods or services change hands, usually with money.
What comprises a legal transaction? Intent. Contractual signatures. Clarity. Legality. Lots of things can get tweaked with lawyers focusing on small details, but the gist is that, when money actually changes hands, a transaction has occurred. And that can mean that the IRS (or whoever the counterparty was for the deal) comes a-knockin' to get whatever they're entitled to get, post the deal closing.
