Partnership Buy Sell Agreement

Partnership Buy Sell Agreement Template for Denmark

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Document background

The Partnership Buy-Sell Agreement is essential for Danish partnerships seeking to establish clear protocols for ownership transitions. This document becomes crucial when partners need to plan for future changes in ownership structure, whether due to voluntary exits, retirement, death, or disability. It provides certainty and stability by pre-determining the process, valuation methods, and funding mechanisms for buying out partnership interests. Under Danish law, this agreement must comply with the Danish Partnership Act (Lov om visse erhvervsdrivende virksomheder) and related legislation, ensuring proper handling of tax implications and corporate governance requirements. The agreement typically includes detailed provisions for valuation methods, payment terms, funding mechanisms (such as insurance policies), and transfer restrictions, all structured within the Danish legal framework.

Suggested Sections

1. Parties: Identification of all partners and the partnership entity

2. Background: Context of the agreement and current partnership structure

3. Definitions: Key terms used throughout the agreement

4. Trigger Events: Events that activate the buy-sell provisions (death, disability, retirement, voluntary withdrawal, etc.)

5. Valuation Method: Agreed method(s) for determining the purchase price of partnership interests

6. Purchase and Sale Obligations: Rights and obligations of partners to buy or sell under different trigger events

7. Payment Terms: Structure and timing of payments for purchased interests

8. Funding Mechanism: Sources of funding for purchases, including insurance policies if applicable

9. Transfer Restrictions: Limitations on transfer of partnership interests to third parties

10. Notice Requirements: Procedures for notifying partners of trigger events and intent to buy/sell

11. Closing Procedures: Steps and requirements for completing the purchase/sale transaction

12. Representations and Warranties: Standard declarations about partnership interests and authority to enter agreement

13. Governing Law and Jurisdiction: Specification of Danish law application and jurisdiction

14. Amendment and Termination: Procedures for modifying or terminating the agreement

Optional Sections

1. Tag-Along Rights: Optional provision giving minority partners the right to join in sale of majority interests

2. Drag-Along Rights: Optional provision allowing majority partners to force minority partners to join in a sale

3. Non-Compete Provisions: Restrictions on competing activities after leaving the partnership

4. Dispute Resolution: Alternative dispute resolution procedures like mediation or arbitration

5. Life Insurance Provisions: Detailed terms for life insurance policies funding death benefits

6. Disability Insurance Provisions: Terms for disability insurance if used as funding mechanism

7. Right of First Refusal: Detailed procedures for existing partners to match third-party offers

8. Family Transfer Exceptions: Special provisions for transfers to family members or family trusts

Suggested Schedules

1. Schedule A - Current Partnership Interests: List of current partners and their ownership percentages

2. Schedule B - Valuation Formula: Detailed methodology for calculating partnership interest values

3. Schedule C - Life Insurance Policies: Details of life insurance policies and beneficiary designations

4. Schedule D - Calculation of Purchase Price: Specific formulas and methods for determining purchase price

5. Schedule E - Partnership Information: Key partnership details including business locations and major assets

6. Appendix 1 - Valuation Certificate Template: Standard form for documenting agreed valuations

7. Appendix 2 - Notice Forms: Template forms for various required notices under the agreement

8. Appendix 3 - Transfer Documentation: Standard forms for executing transfers of partnership interests

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