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Buy Sell Agreement Between Shareholders and a Corporation

Compra Venta Contrato With English In Broward

Category:

Contracts - Buy Sell - Stock Purchases

State:

Multi-State

County:

Broward

Control #:

US-00442

Format:

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Description

The Compra Venta Contrato with English in Broward is a Buy-Sell Agreement designed for use by corporations and their stockholders in the transfer of stock ownership under specific conditions. This form provides a structured approach for stockholders to buy and sell their shares, either during their lifetime or upon their death, ensuring that the ownership changes occur smoothly and at a fair market value. Key features include the determination of the stock value, provisions for notification before a sale, and the rights of stockholders to purchase shares under certain circumstances. The form also outlines insurance arrangements to secure funds for purchasing shares upon a stockholder's death, and includes provisions to amend or terminate the agreement as needed. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to facilitate business transactions, maintain control over stockholder interests, and ensure compliance with corporate governance standards. Proper filling and editing instructions must be followed to adapt the agreement to specific business needs and state regulations.

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FAQ

For ePortal technical support, attorneys may contact the Florida Courts eFiling Portal via email support@myflcourtaccess, or call the Florida Courts eFiling Portal Support Desk at 850-577-4609.

The Broward County Records, Taxes and Treasury Division: places or “records” official documents, such as deeds, into the Official Record. maintains a searchable database of recorded documents, including deeds, at our offices at the Broward County Governmental Center, 115 S. Andrews Ave., Fort Lauderdale.

Summons, writs, subpoenas and other documents that are issued by the clerk should be E-Filed. Choose the appropriate Document Group type from the dropdown list and then choose the appropriate Document Type for that group. The associated issuance fees will be automatically calculated.

Or by Mail: Records, Taxes and Treasury Division, Recording 115 S. Andrews Avenue, Room 114 Fort Lauderdale, FL 33301 For more information, please visit Broward/RecordsTaxesTreasury, call 954-831-4000, or by email records@broward. Visit Broward County's notice of commencement website for more information.

The Florida Public Service Commission recognizes that electronic filing (e-filing) facilitates quick and easy access to records and that many electronic records are “born digital” with no paper counterpart. The Commission has made available for e-filing an electronic filing web form.

The Florida Courts E-Filing Portal is a statewide website mandated by the Florida Legislature and the E-Filing Authority that provides E-Filing capability to users with a single login.

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Buy Sell Agreement Between Shareholders and a Corporation

BUY-SELL AGREEMENTS

Introduction

A buy-sell (business purchase) agreement is an agreement between the owners of the business for purchase of each others interest in the business. The buy-sell can be triggered in the event of the owner's death, disability, retirement, withdrawal from the business or other events.

Reasons For The Agreement

Establish the value of the business for federal and state death tax purposes.

Unwilling to continue the business with the family of a deceased co-owner.

Prevent all or part of the business from falling into the hands of "outsiders."

The Agreement Basics

The agreement provides for the purchase price, terms and funding arrangements. The agreement obligates the retiring or disabled owner or owner's estate to sell the business to the business itself, or to the surviving owner(s), or maybe an option of either.

Types Of Agreements

The Buy-Sell agreements can take several forms, such as:

An agreement between the business and the individual owners (stock redemption agreement or stock retirement plan).

An agreement between the owners (a cross purchase or "criss-cross" agreement).

An agreement between the owners and key person, family member or outside individual (a "third party" business buy-out agreement).

A combination of the foregoing.

Basically, these are either a Cross Purchase Plan or Entity Purchase Plan.

Cross Purchase Agreement

Each partner agrees with each of the other partners to purchase his or her share of the business at the time of death. The Partners may take out a life insurance policy on the life of the other(s) to fund the obligation. At the time of the first death, the surviving partner(s) collects the insurance proceeds. The survivor then uses the insurance proceeds to buy the business share from the deceased's family. This type agreement can be used with two or more partners.

Entity Purchase Plan

Each partner agrees that upon death his or her share of the business will be sold back to the business. The business may buy life insurance policies on each of the partners to fund the obligation. At the death of a partner, the business collects the insurance proceeds and buys the business interest from the deceased partner's heirs.

Transfer Restrictions

The agreements commit the owners not to sell ownership in the business prior to death, without first offering it to the persons named in the agreement. This is called a right of first option or refusal.

Life Insurance to Fund the Agreement

Whole life insurance has generally been used to fund a buy-sell agreement.

The life insurance industry also offers "Business Value Life Insurance" with a death benefit determined by the value of the business rather than the terms of the policy. The death benefit can grow as the value of the business grows. Premiums may also be higher as the death benefit increases.

Purchase Price

The purchase price can be based on an appraisal, set predetermined price, book value, or a formula of assets and earnings.

Payment Terms

Agreements may provide that the price will be paid in cash, in installments, or other means. You may also select a combination of cash and installments. Of course, if the insurance proceeds are sufficient to pay the price in cash many agreements provide that the purchase is to be paid in full in cash from the insurance proceeds.

Buy Sell Agreement Between Shareholders and a Corporation

BUY-SELL AGREEMENTS

Introduction

Reasons For The Agreement

Establish the value of the business for federal and state death tax purposes.

Unwilling to continue the business with the family of a deceased co-owner.

Prevent all or part of the business from falling into the hands of "outsiders."

The Agreement Basics

Types Of Agreements

The Buy-Sell agreements can take several forms, such as:

An agreement between the business and the individual owners (stock redemption agreement or stock retirement plan).

An agreement between the owners (a cross purchase or "criss-cross" agreement).

An agreement between the owners and key person, family member or outside individual (a "third party" business buy-out agreement).

A combination of the foregoing.

Basically, these are either a Cross Purchase Plan or Entity Purchase Plan.

Cross Purchase Agreement

Entity Purchase Plan

Transfer Restrictions

Life Insurance to Fund the Agreement

Whole life insurance has generally been used to fund a buy-sell agreement.

Purchase Price

The purchase price can be based on an appraisal, set predetermined price, book value, or a formula of assets and earnings.

Payment Terms

Compra Venta Contrato With English In Broward

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