TGM
18:41
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LSDefine
Simple English definitions for legal terms
warehouse
Read a random definition: reduction in force
A quick definition of warehouse:
A warehouse is a building where things are stored. It's like a big closet for businesses. Sometimes, there are special warehouses called bonded warehouses where things that have to pay taxes to the government can be stored without paying the taxes until they are taken out of the warehouse. This is called a warehouse system.
A more thorough explanation:
A warehouse is a building where goods and other items are stored. It is a place where businesses keep their products until they are ready to be sold or shipped to customers.
A bonded warehouse is a special type of private warehouse used to store products that are subject to customs duties. This means that importers can store goods without paying customs duties until the goods are removed for domestic consumption or re-exportation.
For example, a company that imports electronics from another country may store them in a bonded warehouse until they are ready to be sold in the local market. This allows the company to avoid paying customs duties until the products are sold.
Another example is a company that exports goods to other countries. They may store their products in a bonded warehouse until they are ready to be shipped. This allows them to avoid paying customs duties until the products leave the country.
Overall, a warehouse is an important part of the supply chain for businesses. It allows them to store their products safely and efficiently until they are ready to be sold or shipped to customers.