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.
A buy-sell agreement is a legally binding document that outlines the terms and conditions for the transfer of ownership interest in a business. In Chattanooga, Tennessee, the buy-sell agreement package refers to a comprehensive set of documents and forms that facilitate the purchase and sale of businesses within the city. The Chattanooga Tennessee Buy Sell Agreement Package typically includes various types of agreements: 1. Purchase Agreement: This agreement establishes the terms under which the buyer agrees to purchase the business from the seller. It includes details such as the purchase price, payment terms, and any contingencies. 2. Stock or Membership Interest Transfer Agreement: If the business being sold is a corporation or limited liability company (LLC), this agreement transfers the ownership interest in the entity from the seller to the buyer. 3. Non-Disclosure Agreement (NDA): This agreement ensures that both parties maintain the confidentiality of sensitive business information during negotiations and after the transaction is complete. 4. Promissory Note: In cases where the buyer cannot pay the full purchase price upfront, a promissory note outlines the terms of payment, including interest rates and repayment schedule. 5. Transition Services Agreement: If the seller is required to stay on board for a certain period to assist with the transition, this agreement outlines the terms of their continued involvement. 6. Bill of Sale: This document transfers the ownership of assets, such as equipment, inventory, and intellectual property, from the seller to the buyer. 7. Corporate Bylaws or LLC Operating Agreement: For businesses structured as a corporation or LLC, these governing documents may need to be updated to reflect the change in ownership. It's important to note that the specific contents of a Chattanooga Tennessee Buy Sell Agreement Package may vary depending on the nature of the business, the parties involved, and any additional legal requirements. Working with a qualified attorney who specializes in business transactions is highly recommended ensuring the package meets all necessary legal obligations and protects the interests of both the buyer and seller.
