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Buy Sell Agreement Between Shareholders and a Corporation

Primerica Shareholder Services Phone Number In Pima

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Category:

Contracts - Buy Sell - Stock Purchases

State:

Multi-State

County:

Pima

Control #:

US-00442

Format:

Instant download

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Description

The Buy-Sell Agreement serves as a formal contract that facilitates the sale and purchase of shares in a corporation between stockholders. It ensures that, upon a stockholder's death or desire to sell shares, the corporation has the first right to purchase the stock at a price determined by specific valuation methods. The agreement contains provisions for life insurance on stockholders to ensure the availability of funds for the buyout. Key features include the establishment of share value, notice requirements for selling shares, and the processes following a stockholder's death. It's vital for attorneys, partners, owners, associates, paralegals, and legal assistants who advise or represent clients in navigating stock ownership and transfer regulations. This document provides legal security and clarity in managing stock transactions, aiding in succession planning and corporate governance. Filling out the form involves completing specified sections and ensuring updates to stock ownership, share values, and insurance policies are documented accurately.

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FAQ

For assistance with your account, please contact Primerica Advisors Client Service at 833-786-0550. If you have a question or inquiry related to recruiting contacts by a Primerica representative email us.

Internet Log on at .shareholder.primerica to redeem funds online using PSS' Shareholder Account Manager tool. Systematic Withdrawal Plan A Systematic Withdrawal Plan (SWP) provides you with a convenient method to redeem shares on a regular basis for a pre-determined dollar or share amount.

If you submit an additional investment for a fund that has merged to another fund, Primerica Shareholder Services (PSS) may make your investment in the new merged fund. Your investments may continue to be invested in the new merged fund unless you notify PSS otherwise.

View your account online at .shareholder.primerica using Primerica Shareholder Services' Shareholder Account Manager platform. View fund positions, balances, statements, and tax documents. New users can follow the prompts to log in for the first time.

To access fund or account information via the Internet, go to .shareholder.primerica, and click on “Already A Client?” in the lower right-hand portion of the screen, which will take you to the login page for Shareholder Account Manager. You must login to access your account information.

You can find your Shareholder Reference Number, which is 10 digits long and begins with the letter 'C', on your statements, dividend advice or cheques or other shareholder material. If you have a statement, the Shareholder Reference Number will be located on the right hand side near the top of the statement.

From the Sign In page, choose "Forgot password?" or "Forgot User ID?" to update or reset your password or User ID. You are responsible for the confidentiality and security of your User ID and password.

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.

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 Phone Number In Pima

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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

Primerica Shareholder Services Phone Number In Pima

This form is part of a form package!

Description

Related forms

Viewed forms

Form popularity

FAQ

What is the phone number for Primerica client services?

How do I withdraw from my Primerica shareholder account?

What is Primerica shareholder services abbreviation?

How to get Primerica tax forms?

How do I find my Primerica account number?

How do I find shareholder number?

How do I recover my Primerica account?

What is the phone number for Primerica shareholders?

How do I find my Primerica shareholder account number?

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