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West Virginia Checklist - Buy/Sell Agreements - Contingencies

Category:
Contracts - Buy Sell - Checklists
State:
Multi-State
Control #:
US-04094BG
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Word; 
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Description

A buy-sell agreement is an agreement between the owners of the business for purchase of each others interest in the business. Such an agreement will spell out the terms governing sale of company stock to an outsider and thus protect control of the company. It can be triggered in the event of the owner's death, disability, retirement, withdrawal from the business or other events. Life insurance owned by the corporation is often used to provide the funds to purchase the shares of a closely held company if one of the owners dies.


The time to prevent disputes is before they occur. Experience proves that owners anxieties created in dealing with one another are inversely proportional to the effort they spend addressing business problems in the event that they should happen. Dealing with these contingencies before they manifest themselves is the secret to a harmonious business relationship with other owners, Use the checklist below to determine areas where you may need assistance.

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FAQ

sell agreement establishes the fair value of a person's share in the business, which comes in handy if a partner wants to remain in the company after another partner's exit. This helps forestall disagreements about whether a buyout offer is fair since the agreement establishes these figures ahead of time.

Most agreements require the withdrawing partner or his/her estate to give notice to the company and the other partners within 10 days after a buy-sell event happens, and most allow the partners to determine the purchase price with a backup plan of having an appraised value determined by a third party.

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

The buy and sell agreement requires that the business share be sold to the company or the remaining members of the business according to a predetermined formula. In the case of the death of a partner, the estate must agree to sell.

The two most-common buy and sell agreements are cross-purchase, and redemption; some agreements will combine the two. Cross-purchase agreements allow remaining owners to buy the interests of a deceased or selling owner. Redemption agreements require the business entity to buy the interests of the selling owner.

Every co-owned business should draft a Buy-Sell Agreement as soon as possible. It outlines, before problems occur, what happens if an owner's interest in the company becomes available (for whatever reason), who can buy available portions, and what the fair purchase price will be.

How to set up your buy-sell agreementStart early. Just as you would with any other binding legal document, you'll want to establish a buy-sell agreement as early as you can.Set up ground rules.Take out life insurance policies.Include a valuation clause.Pay attention to taxes.

A buy and sell agreement is a legally binding contract that stipulates how a partner's share of a business may be reassigned if that partner dies or otherwise leaves the business. Most often, the buy and sell agreement stipulates that the available share be sold to the remaining partners or to the partnership.

Here is how buy-sell agreements work:Determine which events invoke a triggered buyout.Establish who has rights and purchase obligations.Identify the names and address of the purchasers.Set a purchase price or valuation with applicable discounts.Establish payment terms as well as their intervals.More items...

The key elements of a buy-sell agreement include:Element 1. Identify the parties.Element 2. Triggered buyout event.Element 3. Buy-sell structure.Element 4. Company valuation.Element 5. Funding resources.Element 6. Taxation considerations.

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