The Buy-Sell Agreement Form serves as a critical business planning tool in the United States, particularly for closely-held businesses and partnerships. This document becomes essential when owners need to establish clear protocols for ownership transitions, whether planned or unexpected. A well-structured Buy-Sell Agreement Form typically includes provisions for valuation methods, payment terms, triggering events, and funding mechanisms. It helps prevent potential disputes, ensures business continuity, and provides protection for both departing and remaining owners. The agreement is particularly valuable in situations involving multiple owners, family businesses, or professional practices where maintaining control over ownership is crucial.
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1. Parties: Identification of all parties involved in the agreement, including full legal names and addresses
2. Background: Context of the agreement, including the business structure and purpose of the buy-sell arrangement
3. Definitions: Key terms used throughout the agreement, including Company, Shares, Transfer, Fair Market Value
4. Purchase Price and Terms: Details of purchase price determination, payment terms, and valuation methods
5. Triggering Events: Events that activate the buy-sell provisions, such as death, disability, retirement, or voluntary sale
6. Transfer Restrictions: Limitations and conditions on transfer of ownership interests
7. Purchase and Sale Mechanism: Procedures for executing the purchase and sale of interests
8. Payment Terms: Specific terms for payment, including timing, installments, and security
9. Representations and Warranties: Standard representations and warranties from all parties
10. Governing Law: Specification of applicable state law and jurisdiction
1. Insurance Provisions: Details of life insurance funding mechanism and requirements for maintaining policies
2. Right of First Refusal: Process and terms for existing owners to purchase shares before third-party sales
3. Disability Provisions: Specific procedures and terms for handling owner disability scenarios
4. Drag-Along Rights: Rights forcing minority shareholders to join in sale of company
5. Tag-Along Rights: Rights allowing minority shareholders to join in sale of majority interests
1. Schedule A - Current Ownership: Details of current ownership percentages, number of shares, and classes of shares
2. Schedule B - Valuation Formula: Agreed method and formula for calculating business value
3. Schedule C - Insurance Policies: List of insurance policies, coverage amounts, and beneficiary designations
4. Schedule D - Spousal Consent: Required spousal approval forms and acknowledgments
5. Schedule E - Certificate of Corporate Resolution: Corporate approval of the buy-sell agreement
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