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LAWDOG® Bankruptcy

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LAWDOG BANKRUPTCY DICTIONARY

Small Business


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Under 11 U.S.C. Section 101, the term:

(51C) ''small business'' means a person engaged in commercial or business activities (but does not include a person whose primary activity is the business of owning or operating real property and activities incidental thereto) whose aggregate noncontingent liquidated secured and unsecured debts as of the date of the petition do not exceed $2,000,000;


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