With this Buy-Sell Agreement Package, you will find the forms that are necessary for a future sale of a partner’s or shareholder's interest. In a buy-sell agreement, the party contractually limits his or her ability to dispose of his or her interest in the partnership or corporation to the terms of the agreement, and control of the partnership or corporation may be assured.
Included in your package are the following forms:
- Buy-Sell Agreement Between Shareholders of Corp
- Buy-Sell Agreement Between Partners of Partnership
- Non-Compete Agreement Between Buyer and Seller
- Buy-Sell or Stock Purchase Agreement Covering Common Stock in a Closely Held Corporation with an Option to Fund the Purchase Through Life Insurance
- Buy-Sell Clauses and Related Material
Detailed information on forms included:
- Buy-Sell Agreement Between Shareholders of Corp. - The purpose of this agreement is to provide for the sale by a stockholder during his/her lifetime, or by a deceased stockholder's estate, and to provide all or a substantial part of the funds for the purchase. The form contains the following provisions: total value of the capital stock, procedure upon the death of a stockholder, and amending procedures for the agreement.
- Buy-Sell Agreement Between Partners of Partnership - This form is an agreement in which the partners are engaged in a particular business and the purpose of this agreement is to provide for the sale by a partner during a partner's lifetime, or by a deceased partner's estate, of his interest in the partnership, and for the purchase of such interest by the partnership at a price fairly established, and to provide all or a substantial part of the funds for the purchase.
- Non-Compete Agreement Between Buyer and Seller- In this form, the seller and purchaser agree not to compete with each other in the specified industry and territory for a certain time period. The form is designed to be adapted to fit your particular needs.
- Buy-Sell Clauses and Related Material - This form is a model adaptable for use in partnership matters, based on an example clause used by a 50-50 general partnership or limited liability company joint venture. Buy-sell device includes an auction procedure. Adapt the form to your specific needs and fill in the information.
- Buy-Sell or Stock Purchase Agreement Covering Common Stock in a Closely Held Corporation with an Option to Fund the Purchase Through Life Insurance- This form is set up as a Buy Sell Agreement between the Corporation and a key shareholder. It applies in the case of the death, disability, retirement or offer of shareholder to sell the stock during his lifetime.
Queens New York Buy Sell Agreement Package is a comprehensive legal document that establishes the terms and conditions for the buying and selling of assets or shares within a business located in Queens, New York. It provides a structured framework for business owners to resolve potential disputes and transfer ownership smoothly. The primary purpose of a buy-sell agreement is to protect the interests of all parties involved in a business transaction. It sets out the terms of the sale, including the purchase price and payment terms, as well as any conditions or contingencies that need to be fulfilled before the sale can be completed. This agreement package ensures that both the buyer and the seller have a clear understanding of their respective roles and obligations. In Queens, New York, there are various types of buy-sell agreement packages available, depending on the specific needs and nature of the business. Some commonly used types include: 1. Stock Purchase Agreement: This type of agreement is applicable when the sale involves the transfer of shares or stocks of a company. It outlines the number of shares, the purchase price, and any conditions related to the transfer of ownership. 2. Asset Purchase Agreement: In cases where the sale involves the transfer of specific assets, such as real estate, equipment, or intellectual property, an asset purchase agreement is the appropriate choice. This agreement delineates the assets being sold, their valuation, and any warranties or representations provided by the seller. 3. Partnership Buyout Agreement: If the business being sold is a partnership, this agreement is used to facilitate the buyout of one partner's interest in another partner or external buyer. It outlines the terms and conditions of the buyout, including the valuation of the partner's interest and the payment structure. 4. Cross-Purchase Agreement: This type of agreement is common in small businesses with multiple owners. It allows the remaining owners to purchase the share of a departing owner in the event of retirement, death, or disability. It outlines the buyout process and the funding mechanism, often utilizing life insurance policies. 5. Redemption Agreement: Similar to a cross-purchase agreement, a redemption agreement allows the company to purchase the share of a departing owner directly. The agreement establishes the terms and conditions under which the company will redeem the ownership interest, including the valuation and payment structure. In conclusion, the Queens New York Buy Sell Agreement Package is a customizable legal document that safeguards the interests of parties involved in the buying and selling of businesses. Depending on the nature of the transaction and the structure of the business, various types of agreements can be used to ensure a smooth and secure transfer of ownership.
