This absolutely free Illinois Buy-Sell Agreement is a legally binding written agreement that stipulates how a partner’s stake of a business entity will legally be reassigned if that partner passes away or otherwise exits the business enterprise. Most typically, the buy and sell contract specifies that the exiting partner’s allotment be sold to the other partners or to the partnership.
Buy-sell agreements are commonly utilized by business partnerships and closed corporations in an effort to expedite disruptions in ownership when a partner dies, retires, or chooses to leave the partnership. The buy-sell agreement states that business stake be sold to the form or the other members of business according to a fixed formula. Without this kind of contract in writing, when a partner dies his segment of business would have to be handled by the executor of the will. The other partners have no legal alternatives to buy it if the family members do not wish to offer the partner’s portion of the partnership.
This totally free Illinois Buy-Sell Agreement file can be tailored to match your goals, particularly if you’re skilled in editing Microsoft Word documents. You might need to include or expunge portions depending upon the precise deal you’re making with the other partner(s). IF there are just 2 partners you can omit mentions in the agreement to additional partners. It is your duty to make sure that the buy-sell agreement form meets your exact needs and consists of all of the arrangements you need.
Click on the correct link below this paragraph to download the Illinois Buy-Sell Agreement in Microsoft Word for completely free. The Word agreement will instantly download so inspect the directory where downloads are stored on your computer or mobile device. You may also create the Illinois Buy-Sell Agreement using our free fillable PDF version. The PDF has fillable fields into which you can type the required information.
WORD – Illinois Buy-Sell Agreement Word
PDF – Illinois Buy-Sell Agreement PDF
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