Buy Sell Agreement For Sole Proprietorship

State:
Florida
Control #:
FL-P067-PKG
Format:
Word; 
Rich Text
Instant download

Description

With this Buy-Sell Agreement Package, you will find the forms that are necessary for a future sale of a partner’s or shareholder's interest. In a buy-sell agreement, the party contractually limits his or her ability to dispose of his or her interest in the partnership or corporation to the terms of the agreement, and control of the partnership or corporation may be assured.


Included in your package are the following forms:


  1. Buy-Sell Agreement Between Shareholders of Corp

  2. Buy-Sell Agreement Between Partners of Partnership

  3. Non-Compete Agreement Between Buyer and Seller

  4. Buy-Sell or Stock Purchase Agreement Covering Common Stock in a Closely Held Corporation with an Option to Fund the Purchase Through Life Insurance

  5. Buy-Sell Clauses and Related Material

Detailed information on forms included:


  1. Buy-Sell Agreement Between Shareholders of Corp. - The purpose of this agreement is to provide for the sale by a stockholder during his/her lifetime, or by a deceased stockholder's estate, and to provide all or a substantial part of the funds for the purchase. The form contains the following provisions: total value of the capital stock, procedure upon the death of a stockholder, and amending procedures for the agreement.

  2. Buy-Sell Agreement Between Partners of Partnership - This form is an agreement in which the partners are engaged in a particular business and the purpose of this agreement is to provide for the sale by a partner during a partner's lifetime, or by a deceased partner's estate, of his interest in the partnership, and for the purchase of such interest by the partnership at a price fairly established, and to provide all or a substantial part of the funds for the purchase.

  3. Non-Compete Agreement Between Buyer and Seller- In this form, the seller and purchaser agree not to compete with each other in the specified industry and territory for a certain time period. The form is designed to be adapted to fit your particular needs.

  4. Buy-Sell Clauses and Related Material - This form is a model adaptable for use in partnership matters, based on an example clause used by a 50-50 general partnership or limited liability company joint venture. Buy-sell device includes an auction procedure. Adapt the form to your specific needs and fill in the information.

  5. Buy-Sell or Stock Purchase Agreement Covering Common Stock in a Closely Held Corporation with an Option to Fund the Purchase Through Life Insurance- This form is set up as a Buy Sell Agreement between the Corporation and a key shareholder. It applies in the case of the death, disability, retirement or offer of shareholder to sell the stock during his lifetime.


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FAQ

Because a sole proprietorship only consists of one person and does not have its own separate identity, you cannot simply sell or transfer the business itself as you can when you dissolve a limited liability company (LLC). However, because you personally own its assets, you can sell these to another person or entity.

Let's look at the methods of transferring business ownership in detail.Sale of business.Reapportion ownership among multiple owners.Lease-purchase.Transfer via gifts or bequests.Sole proprietorship.Partnerships.LLC.Incorporation.

To sum it up, when transferring the ownership of a sole proprietorship to another person, the under given steps are a must. Sales of all assets, changing the name of the business, transfer of Goodwill, abiding of all contracts, closing the deal and notifying all required parties and settling all financial accounts.

In general, a sole proprietor must obtain a permit to buy or sell product, whether retail or wholesale. The permit is obtained from a government office at either the state or local level where the sole proprietor is doing business.

The buy and sell agreement requires that the business share be sold to the company or the remaining members of the business according to a predetermined formula. In the case of the death of a partner, the estate must agree to sell.

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Buy Sell Agreement For Sole Proprietorship