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Head off disagreements with departing co-owners
It happens to any business that’s owned by more than one person: Sooner or later, one or more owners will want or need to leave the business. What will happen to your company if one co-owner wants to retire, files for bankruptcy, or goes through a divorce? Unless you plan in advance, it could threaten the survival of your business.
In short, it’s essential that you create a simple but effective “prenuptial agreement” for your company with a buyout agreement (buy-sell agreement). This document clarifies:
when co-owners can sell their interests the circumstances requiring an owner to sell (personal bankruptcy, for example) who can buy into the business how much departing owners can ask for their shares, and how long continuing owners have to pay the former owner.
Business Buyout Agreements walks you through the creation of your own legal agreement―before issues come up and cause problems. It pr
