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.
Cook Illinois is a reputable company that offers various buy-sell or stock purchase agreements covering membership units in a limited liability company (LLC) with an option to fund the purchase through life insurance. These agreements are tailored to meet the specific needs of individuals and businesses looking to acquire or sell membership units in an LLC, while also providing financial security through life insurance. 1. Cook Illinois Standard Buy-Sell Agreement with Life Insurance Funding: This agreement is designed to facilitate the transfer of membership units within an LLC, ensuring a smooth transition in ownership. The inclusion of life insurance funding offers protection to both the buyer and seller, guaranteeing that funds will be available to complete the transaction in the event of the death of one of the parties involved. 2. Cook Illinois Cross-Purchase Buy-Sell Agreement with Life Insurance Funding: This type of agreement is ideal for smaller LCS with a limited number of members. In this structure, each member has an individual life insurance policy on the life of every other member. Should one member pass away, the proceeds from the life insurance policy are used to fund the purchase of the deceased member's membership units by the surviving members. 3. Cook Illinois Entity Purchase Buy-Sell Agreement with Life Insurance Funding: This agreement is suitable for LCS with multiple members or larger companies. Instead of individual members holding life insurance policies on each other, the LLC itself purchases an insurance policy on the lives of its members. In the event of a member's death, the LLC receives the insurance proceeds and uses them to buy back the deceased member's membership units. 4. Cook Illinois Wait-and-See Buy-Sell Agreement with Life Insurance Funding: This agreement offers flexibility when it comes to determining the buyer of the membership units upon specific triggering events such as death or disability of a member. The agreement allows for a period of time to pass before the parties decide whether the LLC or individual members will purchase the units. The life insurance funding ensures that funds are available regardless of the ultimate purchaser. Cook Illinois understands the complexities involved in buy-sell or stock purchase agreements, particularly those covering membership units in an LLC. Their expertise in incorporating life insurance funding options into these agreements provides security and peace of mind to all parties involved. Whether it's a standard, cross-purchase, entity purchase, or wait-and-see agreement, Cook Illinois can tailor the buy-sell agreement to meet the unique requirements of any situation.Cook Illinois is a reputable company that offers various buy-sell or stock purchase agreements covering membership units in a limited liability company (LLC) with an option to fund the purchase through life insurance. These agreements are tailored to meet the specific needs of individuals and businesses looking to acquire or sell membership units in an LLC, while also providing financial security through life insurance. 1. Cook Illinois Standard Buy-Sell Agreement with Life Insurance Funding: This agreement is designed to facilitate the transfer of membership units within an LLC, ensuring a smooth transition in ownership. The inclusion of life insurance funding offers protection to both the buyer and seller, guaranteeing that funds will be available to complete the transaction in the event of the death of one of the parties involved. 2. Cook Illinois Cross-Purchase Buy-Sell Agreement with Life Insurance Funding: This type of agreement is ideal for smaller LCS with a limited number of members. In this structure, each member has an individual life insurance policy on the life of every other member. Should one member pass away, the proceeds from the life insurance policy are used to fund the purchase of the deceased member's membership units by the surviving members. 3. Cook Illinois Entity Purchase Buy-Sell Agreement with Life Insurance Funding: This agreement is suitable for LCS with multiple members or larger companies. Instead of individual members holding life insurance policies on each other, the LLC itself purchases an insurance policy on the lives of its members. In the event of a member's death, the LLC receives the insurance proceeds and uses them to buy back the deceased member's membership units. 4. Cook Illinois Wait-and-See Buy-Sell Agreement with Life Insurance Funding: This agreement offers flexibility when it comes to determining the buyer of the membership units upon specific triggering events such as death or disability of a member. The agreement allows for a period of time to pass before the parties decide whether the LLC or individual members will purchase the units. The life insurance funding ensures that funds are available regardless of the ultimate purchaser. Cook Illinois understands the complexities involved in buy-sell or stock purchase agreements, particularly those covering membership units in an LLC. Their expertise in incorporating life insurance funding options into these agreements provides security and peace of mind to all parties involved. Whether it's a standard, cross-purchase, entity purchase, or wait-and-see agreement, Cook Illinois can tailor the buy-sell agreement to meet the unique requirements of any situation.
