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Buy-Sell Agreement between Shareholders of Closely Held Corporation

Broward Florida Buy-Sell Agreement between Shareholders of Closely Held Corporation

Name: Broward Florida Buy-Sell Agreement between Shareholders of Closely Held Corporation
Brand: US Legal Forms
Rating: 4.59 (448 reviews)

Category:

Corporations - Buy Sell

State:

Multi-State

County:

Broward

Control #:

US-02462BG

Format:

Instant download

Description

A corporation whose shares are held by a single shareholder or a closely-knit group of shareholders (such as a family) is known as a close corporation. The shares of stock are not traded publicly. Many of these types of corporations are small firms that in the past would have been operated as a sole proprietorship or partnership, but have been incorporated in order to obtain the advantages of limited liability or a tax benefit or both. A buy-sell agreement is an agreement between the owners (shareholders) of a firm, defining their mutual obligations, privileges, protections, and rights.

How to fill out Broward Florida Buy-Sell Agreement Between Shareholders Of Closely Held Corporation?

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FAQ

A buy/sell agreement is a contract that restricts business owners from freely transferring their ownership interests in the business. Such agreements are a tool in providing for a planned and orderly transfer of a business interest.

Whatever the name sounds like, a buy sell agreement does not deal with the buying and selling of partnerships. Generally speaking, a buy sell agreement (or a buyout agreement) is a contract between all the partners in a business that deals with the future ownership of the business and partnership change.

Shareholder Agreements in Florida Voting Agreement Plus, F.S. §607.0731 (2) provides that a voting agreement created under this section is specifically enforceable. For instance, it is possible to draft a voting shareholder agreement that permits the dissolution of a corporation after ten years.

Sometimes these terms are used interchangeably. However, a Shareholder's Agreement usually contains more terms or conditions which govern the relationship between shareholders, whereas a Buy-Sell Agreement usually deals just with the issue of when a shareholder wants to sell shares or if a shareholder dies.

The two most common types of buy-sell agreements are entity-purchase and cross-purchase agreements.

A list of buyout conditions that could trigger the agreement (divorce, bankruptcy, death, etc) A structure for the partners to buy or sell their interest in the business. A recent valuation of the company. Sources of funding for any purchase or sale of a partner's business interest.

Shareholder's agreement is primarily entered to rectify the disputes that occurred between the company and the Shareholder. Meanwhile, the Share Purchase agreement is a document that legalizes the process of transaction of share held between the buyer and the seller.

Simply put, buy-sell agreements also known as buyout agreements are binding contracts between co-owners of a business that spell out what will happen should one of the owners die, become disabled, retire, or leave the business.

The four types of buy sell agreements are: Cross-purchase agreement. Entity purchase agreement. Wait-and-See. Business-continuation general partnership.

The buy and sell agreement is also known as a buy-sell agreement, a buyout agreement, a business will, or a business prenup.

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Broward Florida Buy-Sell Agreement between Shareholders of Closely Held Corporation

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