Las Vegas Real Estate Attorney
A buy and sell agreement, referred to as a “business will,” is used by closed corporations, limited liability companies, partnerships, and sole proprietorships which divide a business share or interest of a partner, shareholder, or proprietor. When such agreements are used, the owner of the business interest being sold must be considered:
- be deceased
- expressed interest in selling
- be retired
If the owner is deceased, the decedent’s estate must agree to the sale before it can be sold to a company or the remaining partners. Any buy and sell agreement should be consulted with a local Las Vegas real estate attorney to confirm that the process will run smoothly and successfully.
Buy and sell agreements consist of many legally binding clauses in a business partnership agreement or new agreement. It controls the following decisions:
- Who may buy a partner or shareholder’s share of the business
- When a buyout will be triggered and if an event will do so
- The price for the partner’s or shareholder’s interest in the partnership to be paid
Buy and sell agreements can be in the form of a repurchase plan or a cross-purchase plan. Involving the service of a trustee is recommended for neutrality and effectiveness for the agreement.
Attempting such a complicated case on your own can lead to feelings of frustration or disappointment if it doesn’t work out as you expected. If you or someone you know is struggling with a buy and sell agreement, contact Dobberstein Law Group today to discuss the best next step in your case. A trusted and seasoned Las Vegas real estate attorney by your side can help you to ensure as much success as possible.
Contact the office today to schedule your confidential consultation and determine the next best step for you and your case.