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Buy Sell or Stock Purchase Agreement between Individual Members...

Mississippi Buy Sell or Stock Purchase Agreement between Individual Members Covering Membership Units in a Limited Liability Company - LLC - with an Option to Fund the Purchase through Life Insurance

Category:

Limited Liability Company - Buy Sell

State:

Multi-State

Control #:

US-03467BG

Format:

Instant download

Description

In the absence of a valid restriction, a member in an LLC may transfer his/her interest in the LLC (usually expressed in membership units) to anyone. Restrictions on the transfer of membership units are valid if they are not unreasonable. This form provides that the LLC has the right to purchase a members membership units upon his death. The LLC can fund this transaction through a life insurance policy on the members life with the proceeds going to the LLC. The proceeds will then be used to buy the deceased members membership units.

A restriction on the right to transfer membership units is not effective against a purchaser of the unit unless the purchaser knows of the restriction. Such a restriction can be conspicuously noted on the membership certificates.

This form is set up as a Buy Sell Agreement between the LLC and a key member. It applies in the case of the death, disability, retirement or offer of member to sell his membership units during his lifetime.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Buy Sell Or Stock Purchase Agreement Between Individual Members Covering Membership Units In A Limited Liability Company - LLC - With An Option To Fund The Purchase Through Life Insurance?

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FAQ

A life insurance buy-sell agreement requires the business owners to carry life insurance that benefits each other or the business, so that the proceeds of the life insurance policy will be available to pay for the deceased member's ownership interest.

This is usually referred to as the funding strategy. Buy-sell agreements can be funded through proceeds from life insurance, critical illness, or disability insurance policies. The beneficiary of the policy may be the corporation or the business partners.

A buy and sell agreement assures a smooth transition of ownership and business continuity in the event of a departure of a partner or large equity owner. The agreement is a legally-binding contract that establishes how the departing owners' shares will be obtained by the remaining partners.

How are these agreements funded? Buy-sell agreement funding optionsInsurance policyLife or disability insurance pays out to fund buyout of owner's sharesInstallment noteBuyout of the owner's shares paid over time to help alleviate strain on the remaining owners and the business4 more rows

The life insurance premiums used to fund a buy-sell agreement are not tax deductible. In a Cross-Purchase Agreement where an individual shareholder purchases life insurance on the life of another shareholder and pays the premium, it is paid for with after-tax dollars.

One common question we receive when discussing key person benefits is ?What is a buy/sell agreement?? A buy/sell agreement, also known as a buyout agreement, is a contract funded by a life insurance policy that can help minimize the turmoil caused by the sudden departure, disability or death of a business owner or ...

Stock Purchase Agreements: the stock in a corporation is sold to a new owner, often making the new owner or the sole or majority owner. Membership Interest Transfer Agreements: the membership interests in an LLC are sold or transferred, often used when a business partner or member of the LLC leaves the business.

The buy-sell agreement not only provides a buyer for the business interest but also specifies the value or valuation method, if the payment will be in a lump sum or installment, and when it will happen. If your estate is large and subject to estate taxes, your family will need enough cash to pay them.

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