A corporation whose shares are held by a single shareholder or a closely-knit group of shareholders (such as a family) is known as a close corporation. The shares of stock are not traded publicly. Many of these types of corporations are small firms that in the past would have been operated as a sole proprietorship or partnership, but have been incorporated in order to obtain the advantages of limited liability or a tax benefit or both.
A buy-sell agreement is an agreement between the owners (shareholders) of a firm, defining their mutual obligations, privileges, protections, and rights. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
New York Shareholders' Agreement with Buy-Sell Agreement Allowing Corporation the First Right of Refusal to Purchase the Shares of Deceased Shareholder should the Beneficiaries of the Deceased Shareholder Desire to Sell such Shares
Category:
State:
Multi-State
Control #:
US-02629BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Shareholders' Agreement With Buy-Sell Agreement Allowing Corporation The First Right Of Refusal To Purchase The Shares Of Deceased Shareholder Should The Beneficiaries Of The Deceased Shareholder Desire To Sell Such Shares?
If you need to be thorough, download, or create legal document templates, utilize US Legal Forms, the largest collection of legal forms, available online.
Leverage the site's straightforward and user-friendly search feature to find the documents you require.
Various templates for business and personal purposes are categorized by types and jurisdictions, or keywords. Use US Legal Forms to obtain the New York Shareholders' Agreement with Buy-Sell Agreement Granting Corporation the First Right of Refusal to Acquire the Shares of a Deceased Shareholder if the Beneficiaries of the Deceased Shareholder Wish to Sell those Shares with just a few clicks.
Step 5. Complete the purchase. You can use your credit card or PayPal account to finalize the transaction.
Step 6. Choose the format of your legal document and download it to your device. Step 7. Complete, edit, and print or sign the New York Shareholders' Agreement with Buy-Sell Agreement Granting Corporation the First Right of Refusal to Acquire the Shares of a Deceased Shareholder if the Beneficiaries of the Deceased Shareholder Wish to Sell those Shares. Each legal document template you purchase is yours forever. You have access to every form you downloaded within your account. Click the My documents section and select a form to print or download again. Complete and download, and print the New York Shareholders' Agreement with Buy-Sell Agreement Granting Corporation the First Right of Refusal to Acquire the Shares of a Deceased Shareholder if the Beneficiaries of the Deceased Shareholder Wish to Sell those Shares with US Legal Forms. There are thousands of specialized and state-specific forms you can use for your business or personal requirements.
- If you are already a US Legal Forms client, Log In to your account and click on the Acquire button to obtain the New York Shareholders' Agreement with Buy-Sell Agreement Granting Corporation the First Right of Refusal to Acquire the Shares of a Deceased Shareholder if the Beneficiaries of the Deceased Shareholder Wish to Sell those Shares.
- You can also access forms you previously downloaded in the My documents tab in your account.
- If you are using US Legal Forms for the first time, refer to the instructions below.
- Step 1. Ensure you have selected the form for the correct city/state.
- Step 2. Use the Preview option to review the form's content. Remember to read the description.
- Step 3. If you are dissatisfied with the form, use the Search field at the top of the screen to find other forms of your legal document template.
- Step 4. Once you have found the form you need, click the Buy now button. Select the pricing plan you prefer and enter your details to register for an account.
Form popularity
FAQ
Entity-purchase agreement Under an entity-purchase plan, the business purchases an owner's entire interest at an agreed-upon price if and when a triggering event occurs. If the business is a corporation, the plan is referred to as a stock redemption agreement.
Right to access books and accounts: Each partner can inspect and copy books of accounts of the business. This right is applicable equally to active and dormant partners. Right to share profits: Partners generally describe in their deed the proportion in which they will share profits of the firm.
Some of the common triggers include death, disability, retirement or other termination of employment, the desire to sell an interest to a non-owner, dissolution of marriage or domestic partnership, bankruptcy or insolvency, disputes among owners, and the decision by some owners to expel another owner.
Buyout agreement (also known as a buy-sell agreement) refers to a contract that gives rights to at least one party of the contract to buy the share, assets, or rights of another party given a specific event. These agreements can arise in a variety of contexts as stand-alone contracts or parts of larger agreements.
Cross-purchase agreements allow remaining owners to buy the interests of a deceased or selling owner. Redemption agreements require the business entity to buy the interests of the selling owner.
To buyout a shareholder, a company must be able to pay for the value of the ownership interest. A company can fund the purchase of a shareholder's interest by using: The Assets of the Business: A buyout agreement may stipulate that the company can pay over time with the income earned from the business.
The sale of the shares may be accomplished in two very different ways. First, each shareholder can agree to purchase, pro rata or otherwise, all the stock being sold. This is called a "cross purchase" of stock.
Definition. 1. A buy-sell agreement is an agreement among the owners of the business and the entity. 2. The buy-sell agreement usually provides for the purchase and sale of ownership interests in the business at a price determined in accordance with the agreement, upon the occurrence of certain (usually future) events.
The business owners individually own the policies insuring each other's lives. When a business owner dies, the proceeds are paid to those surviving owners who hold one or more policies on the deceased owner, and these surviving owners buy the shares from the deceased owner's personal representative.