The Business Partner Buy-Sell Agreement is essential for businesses operating in England and Wales where multiple partners share ownership. This document becomes crucial when partners need to plan for future ownership transitions, whether triggered by death, disability, retirement, or voluntary exit. It provides certainty about business continuation, establishes fair valuation methods, and helps avoid potential disputes. The agreement typically includes provisions for funding mechanisms, such as insurance policies, and ensures compliance with relevant Partnership Act 1890 and Companies Act 2006 requirements.
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1. Parties: Identification of all partners and their legal details
2. Background: Context of the agreement and existing partnership structure
3. Definitions: Key terms used throughout the agreement
4. Trigger Events: Events that activate the buy-sell provisions (death, disability, retirement, etc.)
5. Valuation Method: Agreed approach to business valuation
6. Purchase Price and Payment Terms: How the price is determined and payment structure
7. Funding Mechanism: How the purchase will be funded (insurance, installments, etc.)
1. Right of First Refusal: Used when partners want priority rights to purchase shares
2. Disability Provisions: Specific terms for temporary or permanent disability
3. Non-Competition Clauses: Restrictions on competing activities post-exit
4. Drag-Along Rights: Forces minority shareholders to join in sale
1. Schedule 1: Current Partnership Interests: Details of current ownership structure and shareholdings
2. Schedule 2: Valuation Formula: Detailed methodology for business valuation
3. Schedule 3: Insurance Policies: Details of life insurance or other funding mechanisms
4. Appendix A: Sample Valuation Report: Template for periodic business valuations
5. Appendix B: Transfer Documentation: Standard forms for executing transfers
Relevant legal definitions
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