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Buy Sell Agreement Between Shareholders and a Corporation

Primerica Shareholder Services Log In In Miami-Dade

Category:

Contracts - Buy Sell - Stock Purchases

State:

Multi-State

County:

Miami-Dade

Control #:

US-00442

Format:

Instant download

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Description

The Buy-Sell Agreement facilitates the sale and purchase of a stockholder's interest in a corporation, particularly upon death or during a stockholder's lifetime. This Agreement is essential for ensuring that the ownership of the corporation remains stable and is governed by mutual consent among stockholders. Key features include defining stockholder ownership, specifying the process for selling shares, and determining the purchase price based on established values per share. Filling and editing instructions highlight the importance of clearly noting any changes in stock ownership and insurance policies, which are recorded in designated schedules attached to the Agreement. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it guides them through structuring buy-sell arrangements to manage stockholder interests effectively. Additionally, the Agreement contains provisions for amending terms and transferring ownership rights, ensuring legal compliance and smooth transitions in ownership. The utility in Miami-Dade is significant as it helps local businesses navigate corporate ownership issues prevalent in fast-paced economic environments.

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FAQ

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

By Phone. To obtain fund or account information, or to speak with a Customer Service Representative, please dial 1-800-544-5445. International callers outside the United States may call 770-381-1000.

For support regarding your User ID and Password, please contact one of our Client Service Representatives at 1-800-544-5445.

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

For one, Primerica agents, mostly independent contractors, make a commission on sales they make and sales made by agents they recruit into the company. As a result, agents may put pressure on you to buy a policy, even if it's not the right fit for your needs.

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

Primerica Shareholder Services provides access to view your account information over the Internet. Go to .shareholder.primerica and click on “Already A Client?”, which will take you to the Shareholder Account Manager login page. Shareholder Account Manager is available 24 hours a day, 7 days a week.

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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 Log In In Miami-Dade

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

Primerica Shareholder Services Log In In Miami-Dade

This form is part of a form package!

Description

Related forms

Viewed forms

Form popularity

FAQ

How do I withdraw from my Primerica shareholder account?

How do I contact Primerica shareholder services?

Why can't I access MyPrimerica account?

What is Primerica customer service phone number?

What is the downside of Primerica?

How do I cancel Primerica IBA?

How do I find my Primerica shareholder account number?

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