Idaho Shareholders Buy Sell Agreement of Stock in a Close Corporation with Agreement of Spouse

• Category: Contracts - Buy Sell - Stock Purchases
• State: Multi-State
• Control #: US-0391BG
• Format: Word; Rich Text

Description

This type of stock purchase and transfer agreements may be between the corporation and the shareholders. Such an agreement is also referred to as a redemption agreement. If this type of agreement is among the shareholders, it is often referred to as a cross purchase agreement. Idaho Shareholders Buy Sell Agreement of Stock in a Close Corporation with Agreement of Spouse is a legal document that outlines the terms and conditions for the sale of shares in a close corporation in the state of Idaho. This agreement aims to provide clarity and protection to the shareholders in the event of certain triggers such as death, disability, retirement, divorce, or voluntary sale of shares. The agreement is designed to address the unique circumstances that arise when a shareholder's spouse has ownership interests in the close corporation. It ensures that the spouse's rights and interests are also considered in the event of a buy-sell transaction. Some relevant keywords for this agreement include: 1. Buy-Sell Agreement: A legally binding contract between shareholders that governs the purchase and sale of shares in a close corporation. 2. Shareholders: The individuals who hold ownership interests or shares in the close corporation. 3. Stock: Refers to the ownership interest or shares in the close corporation that are subject to the buy-sell agreement. 4. Close Corporation: A type of corporation where ownership interests are held by a few shareholders, often family members or closely-held individuals. 5. Agreement of Spouse: The inclusion of the shareholder's spouse in the buy-sell agreement to ensure their rights and interests are considered in the event of a buy-sell transaction. Different types of Idaho Shareholders Buy Sell Agreement of Stock in a Close Corporation with Agreement of Spouse can include: 1. Death Trigger: Specifies the terms and conditions for the sale of shares in the event of a shareholder's death. It ensures a smooth transition of ownership and buyout of the deceased shareholder's shares. 2. Disability Trigger: Outlines the procedures and guidelines for the sale of shares when a shareholder becomes disabled and is unable to fulfill their duties and responsibilities within the close corporation. 3. Retirement Trigger: Sets forth the terms for the sale of shares when a shareholder decides to retire from the close corporation. It establishes a mechanism for valuing the shares and the process for the retirement buyout. 4. Divorce Trigger: Addresses the potential consequences of a shareholder's divorce and defines the procedures for the sale and distribution of shares between the divorcing parties. 5. Voluntary Sale or Exit Trigger: Provides provisions and mechanisms for shareholders who wish to sell their shares voluntarily or exit the close corporation. It ensures a fair valuation of the shares and the necessary steps to complete the buyout. It is important to consult with a qualified attorney to draft an Idaho Shareholders Buy Sell Agreement of Stock in a Close Corporation with Agreement of Spouse, tailored to the specific needs and circumstances of the close corporation and its shareholders.

Idaho Shareholders Buy Sell Agreement of Stock in a Close Corporation with Agreement of Spouse is a legal document that outlines the terms and conditions for the sale of shares in a close corporation in the state of Idaho. This agreement aims to provide clarity and protection to the shareholders in the event of certain triggers such as death, disability, retirement, divorce, or voluntary sale of shares. The agreement is designed to address the unique circumstances that arise when a shareholder's spouse has ownership interests in the close corporation. It ensures that the spouse's rights and interests are also considered in the event of a buy-sell transaction. Some relevant keywords for this agreement include: 1. Buy-Sell Agreement: A legally binding contract between shareholders that governs the purchase and sale of shares in a close corporation. 2. Shareholders: The individuals who hold ownership interests or shares in the close corporation. 3. Stock: Refers to the ownership interest or shares in the close corporation that are subject to the buy-sell agreement. 4. Close Corporation: A type of corporation where ownership interests are held by a few shareholders, often family members or closely-held individuals. 5. Agreement of Spouse: The inclusion of the shareholder's spouse in the buy-sell agreement to ensure their rights and interests are considered in the event of a buy-sell transaction. Different types of Idaho Shareholders Buy Sell Agreement of Stock in a Close Corporation with Agreement of Spouse can include: 1. Death Trigger: Specifies the terms and conditions for the sale of shares in the event of a shareholder's death. It ensures a smooth transition of ownership and buyout of the deceased shareholder's shares. 2. Disability Trigger: Outlines the procedures and guidelines for the sale of shares when a shareholder becomes disabled and is unable to fulfill their duties and responsibilities within the close corporation. 3. Retirement Trigger: Sets forth the terms for the sale of shares when a shareholder decides to retire from the close corporation. It establishes a mechanism for valuing the shares and the process for the retirement buyout. 4. Divorce Trigger: Addresses the potential consequences of a shareholder's divorce and defines the procedures for the sale and distribution of shares between the divorcing parties. 5. Voluntary Sale or Exit Trigger: Provides provisions and mechanisms for shareholders who wish to sell their shares voluntarily or exit the close corporation. It ensures a fair valuation of the shares and the necessary steps to complete the buyout. It is important to consult with a qualified attorney to draft an Idaho Shareholders Buy Sell Agreement of Stock in a Close Corporation with Agreement of Spouse, tailored to the specific needs and circumstances of the close corporation and its shareholders.