BUY SELL AGREEMEENT
A buy/sell agreement is a contract between business partners where the surviving partners buy out the other partner’s interest should a specific event occur. Specific events usually include death, and long-term disability. A buy-sell agreement can consist of several clauses in a partnership or shareholder agreement. It can also take the form of a separate, freestanding agreement. This suite contains free-standing agreements that can be used together with a partnership, company or unit trust.
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BUY SELL AGREEMENT
A buy/sell agreement is a contract between business partners where the surviving partners buy out the other partner’s interest should a specific event occur. Specific events usually include death, and long-term disability. A buy-sell agreement can consist of several clauses in a partnership or shareholder agreement. It can also take the form of a separate, freestanding agreement. This suite contains free-standing agreements that can be used together with a partnership, company or unit trust.
WHAT IS IN YOUR BUY SELL AGREEMENT
The Buy Sell agreement template may be used with partnerships, companies or trusts, and for co-owners of a business who own their shares outright, rather than through a trust.
This includes provisions for:-
- Creating the mechanism to buy and sell shares in the business
- Method for determining market value
- Payment of purchase monies
- Transfer
- Termination
13 Pages long.
A buy-sell agreement, also known as a buyout agreement, is a legally binding contract that outlines the process for buying and selling an owner’s interest in a business in specific situations, such as the death, disability, or retirement of an owner. Here are the key benefits of having a buy-sell agreement in place:
Benefits of a Buy-Sell Agreement
- Ensures Business Continuity
- Smooth Transition
- Stability
- Prevents Disputes Among Owners
- Clear Terms
- Dispute Resolution
- Control
- Consistency
- Funding Mechanisms
- Facilitates Estate Planning
- Heir Protection
- Tax Planning
- Clarifies Roles and Responsibilities
- Defined Process
- Prevents Ambiguit
- Common Scenarios Covered by a Buy-Sell Agreement
- Death of an Owner
- Disability of an Owner
- Retirement or Withdrawal
- Divorce of an Owner
- Involuntary Transfer
INCLUDES GST
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