The Kentucky Buy-Sell Agreement is a legally binding written agreement that stipulates how a partner’s allotment of a company will legally be reassigned if that partner passes away or otherwise leaves the partnership. Many typically, the buy and sell agreement states that the partner’s portion be offered to the remaining partners or to the partnership.
Buy-sell agreements are often utilized by partnerships and closed corporations in an endeavor to smooth shifts in ownership when a partner dies, retires, or opts to quit the enterprise. The buy-sell agreement states that the business allotment be offered to the partnership or the remaining business partners of business according to a predetermined formula. Without this type of arrangement in writing, when a partner dies his slice of business should be handled by the executor of the will. The remaining partners have no legal alternatives to purchase it if the family members do not wish to offer the partner’s segment of the enterprise.
This totally free Kentucky Buy-Sell Agreement file can be customized to fit your goals, in particular if you’re skilled in editing Microsoft Word documents. You might want to add in or omit elements depending upon the particular setup you’re making with the other partner(s). IF there are only 2 partners you can erase mentions in the business agreement to extra partners. It is your responsibility to guarantee that the buy-sell agreement form satisfies your exact needs and consists of all of the provisions you require.
Tap or click the appropriate link underneath this paragraph to download the Kentucky Buy-Sell Agreement in Microsoft Word totally free. The Microsoft Word file will rapidly transfer so examine the directory where documents are stored on your computer. You may also create the Kentucky Buy-Sell Agreement using our free fillable PDF version. The PDF has fillable fields into which you can type the required information.
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