This Georgia Buy-Sell Agreement is a legally binding agreement that stipulates how a partner’s share of an organization may legally be reassigned if that partner passes away or otherwise leaves the business enterprise. The majority of frequently, the buy and offer contract provides that the exiting partner’s stake be sold to the remaining business partners or to the partnership itself.
Buy-sell arrangements are generally utilized by business partnerships and closed corporations in an effort to smooth conversions in ownership when a partner dies, retires, or comes to a decision to exit the business enterprise. The buy-sell agreement stipulates that business portion be sold to the business or the remaining business partners of the firm according to an established formula. Without this type of arrangement in writing, when a partner dies his segment of the business enterprise must be managed by the executor of the will. If the relatives do not wish to sell off the partner’s slice of business, the staying partners have no legal options to buy it.
The completely free Georgia Buy-Sell Agreement file can be personalized to fit your requisites, especially if you’re proficient in editing Microsoft Word documents. You may need to bring in or omit components depending on the specific business agreement you’re creating with the other partner(s). If there are only two partners you can remove references in the agreement to additional partners.. It is your duty to guarantee that the buy-sell agreement form fulfills your specific needs and includes all of the arrangements you require.
Tap or click the appropriate link shown below to obtain the Georgia Buy-Sell Agreement in Microsoft Word totally free. The Word version of this document is free. The PDF version is also free but requires more expertise in editing documents..
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