Buy Sell Agreement
Suitable: NSW QLD VIC SA NT WA TAS
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
13 Pages long.
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.
An insured buy-sell agreement is one in which a triggered buyout is funded with life insurance. A policy is taken out on each of the participating owner’s lives. The life insurance policy provides the surviving partners with the money to be able to buy out the deceased/disabled/departing partner’s interest. Such an arrangement is often recommended by financial planners to ensure the buy-sell there will be money when the buy-sell event is triggered. The funding aspect is covered in a separate agreement called a buy/sell funding agreement.
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