Glossary · People and paperwork
Legal counsel(Attorney)
In short
An attorney or law firm providing legal advice and representation. A buyer needs their own legal counsel to review deal documents, protect their interests, and ensure a smooth transaction.
What it means in a deal
Your legal counsel will review the LOI, purchase agreement, and all closing documents. They identify risks, negotiate terms, and ensure compliance. Don't rely on the seller's or lender's attorney; get your own.
Related terms
Common questions about Legal counsel
- Is "insurable interest" always a legal requirement for obtaining business life insurance?
- What if the business I'm acquiring has existing litigation or legal disputes?
- Can a lender include unapproved legal fees in a Universal Purchase Package (UPP)?
- What if the business I'm buying has existing legal disputes or pending lawsuits?
- What if the business I'm buying has existing legal disputes or pending litigation?
- What if the business I want to buy has pending litigation or unresolved legal claims?
Defined by CapBench SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
Know what you'll need before you apply
Tell us about the deal and who's buying — we'll flag the guaranty, eligibility, and paperwork issues that slow SBA approval before they cost you time.
Free · No documents · Usually same-day
Backed by data on 1,000+ SBA lenders and 300,000+ funded deals. Your details go only to lending partners you ask to be matched with — never sold to advertisers.