The absolutely free Massachusetts Buy-Sell Agreement is a lawfully binding contract that specifies how a partner’s share of a company will be reassigned if that partner passes away or otherwise departs the organization. Many frequently, the buy and sell contract details that the exiting partner’s portion be sold to the other partners or to the partnership itself.
Buy-sell contracts are often used by business partnerships and closed corporations in an effort to smooth over conversions in ownership when a partner dies, retires, or makes a choice to depart the organization. The buy-sell agreement requires that the business segment be offered to the partnership or the remaining partners of the firm according to an established formula. Without this kind of contract in place, when a partner dies his slice of business would be dealt with by the executor of the will. The other partners have no legal choices to purchase it if the family members do not want to offer the partner’s stake of the business.
This totally free Massachusetts Buy-Sell Agreement file can be tailored to fit your goals, specifically if you’re competent in in editing Microsoft Word documents. You might want to include or erase parts depending upon the precise setup you’re making with the other partner(s). On the occasion that there are just 2 partners you can remove references in the agreement to extra partners. It is your obligation to ensure that the buy-sell agreement form meets your exact needs and includes all of the arrangements you call for.
Click on the relevant link underneath this paragraph to transfer the Massachusetts Buy-Sell Agreement in Microsoft Word format for absolutely free. The Microsoft Word document will rapidly transfer so examine the folder where files are stored on your device. You may also create the Massachusetts 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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