Sale Of Shares Agreement With Conditional In Palm Beach
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But in fact, a shareholders' agreement refers to a broader category of which a buy-sell agreement is a subset. A buy-sell agreement deals specifically with the disposition of shares of a shareholder who dies, becomes disabled, or wishes to sell his or her ownership interest.
If you don't have a binding buy-sell agreement in place, your business is at risk. Without a clear succession plan, disputes can arise among partners—or their surviving spouses—that lead to loss of valuable time, increased expenses, and costly litigation.
Essentially, any business with more than one owner needs a buy-sell agreement. It does not matter if the business is a corporation, partnership, or LLC. As long as there are multiple owners, you should ensure that a buy-sell agreement is in place.
Many buy-sell agreements address only death as a triggering event, but it is important to address issues such as retirement, bankruptcy, divorce and disability. You should review your agreement to ensure all contingencies are covered. In addition, business valuations may need to be updated from time to time.
While the act of recording a quitclaim deed makes the transfer official in public records, Florida law does not mandate such recordation for the deed's validity. However, the state does emphasize the importance of recording the transfer of ownership interest in public records to maintain an accurate chain of title.
In response to a change in Florida law, the following is required when recording deeds: Government-issued photo identification of grantees and grantors. Mailing addresses noted below each witness name or signature on the document.
Same Day Recording Main Courthouse. Recording Department. 205 N. Dixie Highway, Room 4.2500. West Palm Beach, FL 33401. South County Courthouse. 200 W. Atlantic Ave. Delray Beach. North County Courthouse. 3188 PGA Blvd. Palm Beach Gardens. West County Courthouse. 2950 State Road 15, Room S-100. Belle Glade.
Contain the property's current owners (grantors) and new owners (grantees) names and mailing address; Include a prepared byprovision that states the name and address of the natural person that prepared the deed (as opposed to an organization); Be signed by each current owner and witness; and. Be properly notarized.
