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Simple English definitions for legal terms
license fee
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A quick definition of license fee:
License fee: A fee that you have to pay to the government if you want to do a certain job or activity. It's like a permission slip that you have to buy before you can do something.
A more thorough explanation:
A license fee is a charge that a government imposes on individuals or businesses for the right to engage in a particular activity or occupation. It is also known as a license tax.
For example, a person who wants to operate a taxi service may be required to pay a license fee to the local government. Similarly, a business that wants to sell alcohol may need to pay a license fee to the state government.
These fees are typically used to regulate and monitor the activity or occupation in question. They may also be used to generate revenue for the government.
license coupled with the grant of an interest | license in amortization