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Buy Sell Agreement Between Shareholders and a Corporation

Primerica Shareholder Services Phone Number In Fairfax

Category:

Contracts - Buy Sell - Stock Purchases

State:

Multi-State

County:

Fairfax

Control #:

US-00442

Format:

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Description

The Buy-Sell Agreement is a crucial document designed to facilitate the orderly transfer of shares in a corporation owned by its stockholders. It outlines the rules for selling or transferring stock during a stockholder's lifetime or after their death, ensuring that the corporation can purchase shares at a fair price. The agreement delineates procedures for notifying other stockholders of intended sales, the rights of remaining stockholders, and the terms for transferring stock ownership. Key features include the establishment of stock value and provisions for life insurance to cover the purchase of shares upon a stockholder's death. The agreement also includes detailed instructions on filling out the schedules for tracking stockholder ownership, value redetermination, and insurance changes. This form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in corporate governance, succession planning, or legal compliance, as it provides a structured approach to managing stockholder transitions effectively.

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Business shares for sale

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Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

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FAQ

Duluth, GA Primerica / Headquarters

How to Redeem from My Account Sign on to Primerica Shareholder Services (see link below). If you have multiple accounts, click on the desired account number from your Account List; if you have a single registration skip to the next step. Click on the "Redeem" link on the left of the Account Holdings screen.

Additionally, you may reset your password for your Primerica Online account by contacting our Tech Support team at 1-888-737-2255.

Corporate Address Client Service General Policy Information 1-800-257-4725 Email Us Policy Changes 1-800-257-4725 Email Us Cancellations 1-800-257-4725 Email Us Claims1 more row

Duluth, GA Primerica / Headquarters

Yes. Primerica is a financial services company that has been in business for over 40 years.

Primerica, Inc. is a multi-level marketing company that provides insurance, investment and financial services to middle-income families in the United States and Canada. Primerica, Inc. Primerica is the parent company of National Benefit Life Insurance Company, Primerica Life, Peach Re, and Vidalia Re.

To cancel your Primerica Life Insurance policy, please call Client Services directly at 1(800) 257-4725, and they can assist you.

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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

Primerica Shareholder Services Phone Number In Fairfax

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FAQ

How do I get out of Primerica?

How do I withdraw from my Primerica shareholder account?

What is the number 8887372255?

What is Primerica customer service phone number?

Where is Primerica main office?

Is Primerica a real company?

What exactly does Primerica do?

What is the 800 number for Primerica?

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Trusted and secure by over 3 million people of the world’s leading companies

Primerica Shareholder Services Phone Number In Fairfax

This form is part of a form package!

Description

Related forms

Get your form ready online

Looking for another form?

Viewed forms

Form popularity

FAQ

How do I get out of Primerica?

How do I withdraw from my Primerica shareholder account?

What is the number 8887372255?

What is Primerica customer service phone number?

Where is Primerica main office?

Is Primerica a real company?

What exactly does Primerica do?

What is the 800 number for Primerica?

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