Buy/Sell Agreements play a large part in business organizations that have numerous partners or owners. Disputes in the organizations are resolved using a buy/sell agreement. The motives for making this type of agreements are the possibilities of a partner’s death, retirement, or desire to sell.
A buy/sell agreement comes with advantages for both the ex-owner and the existing owner. The agreement provides the leaving owner with security because it will free the partner of any ownership disputers. If the partner is leaving because they have passed, the agreement handles the sale assets. The inheritors do not have to manage the sale assets. This allows them to get compensation for the sold business interest. The remaining owner benefits because the former party’s interest remains with the business. This gets ride of any chance of a dispute or argument between the parties. The most important and beneficial part of the agreement is that the business is guaranteed to run smoothly. Nothing can hit the company unexpectedly on this front, so it provides the company with some financial stability. Often a buy/sell agreement can offer tax benefits to the business.
If you want to compose a buy/sell agreement at your business, you will need the assistance of a North Dakota/Minnesota buy/sell agreement attorney. At O’Keeffe O’Brien Lyson Foss Attorneys, we are experienced in creating agreements that are beneficial to all parties and the business as a whole. Call O’Keeffe O’Brien Lyson Foss Attorneys today to set up an appointment with a buy/sell agreement lawyer today!