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Buy-Sell Agreement between Two Shareholders of Closely Held...

Wake North Carolina Buy-Sell Agreement between Two Shareholders of Closely Held Corporation

Name: Wake North Carolina Buy-Sell Agreement between Two Shareholders of Closely Held Corporation
Brand: US Legal Forms
Rating: 4.77 (374 reviews)

Category:

Corporations - Contracts

State:

Multi-State

County:

Wake

Control #:

US-02553BG

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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How to fill out Wake North Carolina Buy-Sell Agreement Between Two Shareholders Of Closely Held Corporation?

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FAQ

A buy and sell agreement is a legally binding contract that stipulates how a partner's share of a business may be reassigned if that partner dies or otherwise leaves the business. Most often, the buy and sell agreement stipulates that the available share be sold to the remaining partners or to the partnership.

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.

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.

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

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.

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 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.).

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.

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.

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Wake North Carolina Buy-Sell Agreement between Two Shareholders of Closely Held Corporation

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How to fill out Wake North Carolina Buy-Sell Agreement Between Two Shareholders Of Closely Held Corporation?

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FAQ

What is a corporate buy-sell agreement?

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Is a buy-sell agreement the same as a shareholder agreement?

In which type of buy-sell agreement is the corporation a party?

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