The Buy-Sell Agreement serves as a crucial business planning tool in the United States, particularly for closely-held businesses and partnerships. This agreement becomes essential when owners need to establish clear protocols for ownership transitions, whether triggered by death, retirement, disability, or voluntary exit. The document typically includes detailed valuation methods, funding mechanisms (often through insurance), and specific procedures for executing ownership transfers. The agreement helps prevent potential disputes, maintains business continuity, and protects both the departing and remaining owners' interests while ensuring compliance with applicable state and federal regulations.
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1. Parties: Identifies all parties to the agreement, including legal names and addresses
2. Background/Recitals: Explains the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Purchase and Sale Terms: Core terms including trigger events, pricing mechanism, and payment terms
5. Valuation Method: Specifies how the business/shares will be valued
6. Funding Mechanism: Details how the purchase will be funded (e.g., insurance, installments)
7. Transfer Restrictions: Limitations on transfer of ownership interests
1. Tag-Along Rights: Rights of minority owners to join in sale when majority owners sell their interests
2. Drag-Along Rights: Ability to force minority owners to join in the sale of the company
3. Right of First Refusal: Existing owners' right to purchase shares before they can be sold to third parties
4. Disability Provisions: Terms governing purchase of shares in the event of owner disability
1. Current Ownership Schedule: Lists current owners and their ownership percentages
2. Valuation Formula: Detailed methodology for business valuation
3. Insurance Policies: Details of life/disability insurance funding buy-sell obligations
4. Transfer Restriction Certificate: Form for documenting transfer restrictions on certificates
5. Purchase Price Certificate: Template for documenting agreed purchase price
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