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Virgin Islands Sale and Assignment of a Percentage Ownership Interest in a Limited Liability Company

Category:
Limited Liability Company - Business Sales
State:
Multi-State
Control #:
US-01377BG
Format:
Word; 
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Description

A limited liability company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.


A membership interest may be used to refer to the ownership interest of a member in the LLC. The word unit is often used to reflect the membership interests of a member in the LLC. Some LLC's issue membership interest certificates. To become a new member of the LLC the consent of majority of the members is necessary. A transfer of units of an existing member does not automatically include membership into the LLC.

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FAQ

(a) In the event that any Shareholder breaches materially this Agreement and, such breach is not cured within sixty (60) days after written notice thereof, then the remaining Shareholders shall be entitled to such remedies as are available to them at law and under this Agreement.

A shareholders' agreement is an agreement entered into between all or some of the shareholders in a company. It regulates the relationship between the shareholders, the management of the company, ownership of the shares and the protection of the shareholders. They also govern the way in which the company is run.

Therefore, exit clauses are often incorporated into the shareholder agreement to ensure that shareholders in a private company would be able to dispose of their shares and exit the company in a manner equitable to all shareholders.

Shareholders' agreements will usually contain a valuation clause which will be triggered where there is to be a buyout of shares. This may be where a shareholder elects to sell because they wish to exit the business, or has died, and the remaining shareholders have the right or obligation to buy the shares out.

Summary. A shareholder agreement is an arrangement that defines the relationship between shareholders and the company. The agreement safeguards the rights and obligations of the majority and minority shareholders, and it ensures all shareholders are treated fairly.

Set out below are the most common types of clauses we see in shareholders agreements. Director and Management Structure. ... Buy-Sell Provisions. ... Financing. ... Share Transfer Restrictions. ... Dispute Resolution. ... Confidentiality. ... Company Contracts. ... Meetings of Directors and/or Shareholders.

A shareholders' agreement includes a date; often the number of shares issued; a capitalization table that outlines shareholders and their percentage ownership; any restrictions on transferring shares; pre-emptive rights for current shareholders to purchase shares to maintain ownership percentages (for example, in the ...

Event of Default: It is a non-obstante clause wherein in the event of breach, the other parties shall be entitled to seek specific performance and such other rights and remedies as are available to them under applicable law.

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