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Buy-Sell Agreement between Shareholders of Closely Held Corporation

Travis Texas Buy-Sell Agreement between Shareholders of Closely Held Corporation

Name: Travis Texas 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:

Travis

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.

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FAQ

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

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.

A Buy/Sell Deed is an agreement between the owners of a company or unit trust that upon the death or permanent disablement of a director or key person associated with a shareholder/unitholder, that shareholder/unitholder must transfer its shares to the remaining shareholders in exchange for payment.

Buy-Sell Agreements The Basics help ensure succession and continuity. the business and the cohesion of its owners.

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.

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.

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.

There are two basic types of buy-sell agreements: entity-purchase and cross-purchase. Under the former, the corporation is a party to the contract with the shareholders and the corporation ultimately purchases the decedent's stock.

The Buy Sell Agreement deals with a specific exit strategy case. An agreement by and between business owners, it establishes a mechanism for the purchase of ownership interests following the departure of an owner due to a triggering event (i.e., death, divorce, disability, retirement, etc.).

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

More info

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Travis Texas Buy-Sell Agreement between Shareholders of Closely Held Corporation

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What are two types of buy sell agreements?

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