Definition

Collecting extra money from sales to pay the government. Keeping track of sales tax ensures you stay legal and avoid penalties.

What to consider

  • Review policy details carefully.
  • Compare quotes from different insurers.
  • Ensure coverage meets your specific business risks.

Real world scenarios

  • A small manufacturing company in Ohio purchases general liability and property insurance to protect its assets.
  • An entrepreneur reviews multiple insurance quotes before choosing a policy that covers both professional and product risks.
  • A retail store secures business insurance to cover potential losses from theft and damage.

Related terms

Reviewing: Entrepreneurial Finances (95 of 100)
Topics
Mia's avatar
Hey there! I’m Mia. Have questions about Sales Tax?
Mia's avatar
I’ve got a few ideas you can put into action today. Ready to dive in?