A license authorizes the holder to do something that he or she would not be entitled to do without the license. Licensing may be directed toward revenue raising purposes, or toward regulation of the licensed activity, or both. Statutes frequently require that a person obtain a license before practicing certain professions such as law or medicine, or before carrying on a particular business such as that of a real estate broker or stock broker. If the license is required to protect the public from unqualified persons, an assignment of that license to secure a loan would probably not be enforceable.
Alabama Assignment of Business License as Security for a Loan
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State:
Multi-State
Control #:
US-01467BG
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Word;
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How to fill out Assignment Of Business License As Security For A Loan?
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FAQ
The State of Alabama requires persons, firms, or corporations that engage in or transact any trade, business, commerce, occupation, vocation, or profession for gain or profit to pay a license fee. You may also need a license from the city that you will be operating the business in.
No person shall engage in the business of lending in amounts of less than one thousand five hundred dollars ($1,500) and contract for, exact or receive, directly or indirectly, on or in connection with any such loan, any charges whether for interest, insurance, compensation, consideration, or expense, which in the ...
Anyone conducting business within the state of Alabama is required to be registered with the Alabama Secretary of State. You will need to choose what type of business structure you wish to establish, depending on the amount of liability and tax consequences.
State/county business privilege licenses are administered through the local county office. Visit the local county license authority, where the business is located, to purchase the state/county business privilege license. Note: The name of this office may vary depending on the county.
Alabama Business Startup Guide Step 1: Define your business concept. ... Step 2: Draft a business plan to start a business in Alabama. ... Step 3: Choose a business name. ... Step 4: Fund your startup costs. ... Step 5: Choose a business structure. ... Step 6: Register your business with the Alabama Secretary of State.
Minimum privilege tax is $100; plus the $10 Secretary of State annual report fee for corporations. For the taxable year beginning after December 31, 2022, taxpayers who would otherwise be subject to the minimum tax due of $100 shall pay $50 in lieu thereof.
(a) No creditor shall engage in any one or more of the following activities without first having obtained a license from the administrator: (1) Making consumer loans to Alabama residents, regardless of whether the creditor has a place of business in Alabama or an employee residing in Alabama.