The completely free North Carolina Buy-Sell Agreement is a legally binding document that conditions how a partner’s percentage of the partnership may be reassigned if that partner dies or otherwise exits the business enterprise. The majority of often, the buy and sell agreement details that the exiting partner’s stake be sold to the remaining partners or to the partnership.
Buy-sell arrangements are extensively utilized by partnerships and closed corporations in an attempt to expedite transitions in ownership when a partner passes away, retires, or opts to quit the business. The buy-sell agreement requires that business stake be sold to the business or the other members of the organization according to a predetermined formula. Without this kind of contract in place, when a partner dies his share of the business enterprise would have to be managed by the executor of the will. The other partners have no legal options to purchase it if the family members do not wish to offer the partner’s portion of the partnership.
This totally free North Carolina Buy-Sell Agreement file can be customized to fit your goals, especially if you’re proficient in editing Microsoft Word documents. You may need to bring in or expunge elements depending on the detailed arrangement you’re making with the other partner(s). IF there are just 2 partners you can remove mentions in the legal document to additional partners. It is your responsibility to make sure that the buy-sell agreement form satisfies your exact requirements and includes all of the arrangements you call for.
Click on the correct link underneath this paragraph to obtain the North Carolina Buy-Sell Agreement in Microsoft Word format for completely free. The Word agreement will almost instantly transfer so inspect the folder where documents are housed on your computer. You may also create the North Carolina 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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