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Buy-Sell Agreement


Abstract

A buy-sell agreement is a contract used by sole proprietorships, partnerships and closed corporations to provide terms in order to divide the business share or interest of a proprietor, partner, or shareholder. The business share is sold to the company or to the remaining members of the business according to a predetermined formula. The owner of the business interest being considered has to be disabled, deceased, retired or expressed interest in selling. Before the interest of a deceased partner can be sold to the company or remaining partners, the deceased's estate must agree to sell.