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Business Buyout Agreements: Plan Now for Retirement, Death, by Anthony Mancuso, Bethany K. Laurence

By Anthony Mancuso, Bethany K. Laurence

To make sure a gentle transition following the departure of a associate, it can be crucial that company proprietors in LLCs, businesses and partnerships write a buysell contract initially in their dating. This publication conscientiously explains every one step of the method, offering the entire tax and criminal details an proprietor must draft a buysell contract. the one publication of its type to handle the lay reader, it contains an interactive, fillintheblank contract on CDROM.

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Extra resources for Business Buyout Agreements: Plan Now for Retirement, Death, Divorce Or Owner Disagreements, 5th Edition

Sample text

Because of a lack of company or personal funds, owners armed only with a Right-of-First-Refusal provision may not be able to prevent a majority owner from selling to a proposed buyer. See an expert Check with your attorney. This is a good example of why minority owners should check with a small business attorney to investigate the pros and cons of any Right-of-First-Refusal provision before signing a buyout agreement. Again, most of our advice is tailored to small businesses where the owners own largely equal shares of the company.

Then, as you prepare your buyout agreement, you’ll want to be sure you address not only the several types of ownership transition problems likely to be faced by lots of small businesses, but also the specific issues that concern you. Remember, you can include any or all of our clauses and options as is, or custom tailor them to fit your situation. Now let’s jump into the scenarios that can cause business disruptions, and discuss possible solutions for each. If an Owner Retires or Stops Working At a time when some people hope to retire early and others want to work well past middle age but will change fields several times over their lifetime, it’s common for an owner to retire, move on, or simply stop working for your company.

Finally, the property is distributed to the people entitled to inherit it. Probate can take months or even years and can cost as much as 5% of the value of the probated property. If the family members or business partners of a deceased owner have to wait one or more years to gain title to their ownership interests from a probate court, business can grind to a halt. For this reason, keeping ownership interests (and the voting power and management of the company) out of probate is essential to ensure the smooth transition of the business.

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