This area of tax law is exceedingly complex and in constant flux. They include agencies, transit districts, utility companies, and schools, just to name a few. They range from the local government level, such as cities and other municipalities, townships, districts and counties to regional, state and federal levels. There is a seemingly endless list of entities that create and enforce tax laws and collect tax revenues. Direct taxes are those you pay directly to the government and are imposed against things like land or real property, personal property, and income. For example, when you buy coffee at a local corner store, the retailer charges you tax on your coffee, which he/she subsequently pays to the government. Indirect taxes are assessed against products and services that are meant to be consumed, but are paid to an intermediary. The intricate body of tax law covers payment of taxes to a minimum of four levels of government, either directly or indirectly. Taxation also includes duties on imports from foreign countries and all compulsory levies imposed by the government upon individuals for benefit of the state. Tax Law covers the rules, policies and laws that oversee the tax process, which involves charges on estates, transactions, property, income, licenses and more by the government. Loan agreements are usually in written form, but there is no legal reason why a loan agreement cannot be an oral contract (although they are more difficult to enforce). Loan agreements offered by regulated banks are different from those that are offered by finance companies in that banks receive a “banking charter” granted as a privilege and involving the “public trust.” Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Loan agreements, like any contract, reflect an “offer,” the “acceptance of the offer,” “consideration,” and can only involve situations that are “legal” (a term loan agreement involving heroin drug sales is not “legal”). These representations are taken into consideration and the lender than determines under what conditions (terms), if any, they are prepared to advance money. Prior to entering into a loan agreement, the “borrower” first makes representations about his affairs surrounding his character, creditworthiness, cashflow, and any collateral that he may have available to pledge as security for a loan. There are many types of loan agreements, including “facilities agreements,” “revolvers,” “term loans,” and “working capital loans.” Loan agreements are documented via a compilation of the various mutual promises made by the involved parties. A loan agreement is a contract between a borrower and a lender that regulates the mutual promises made by each party.
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