This Ohio Buy-Sell Agreement is a lawfully binding written agreement that provides how a partner’s stake of an organization may legally be reassigned if that partner dies or otherwise departs the business. The majority of frequently, the buy and offer arrangement provides that the exiting partner’s portion be offered to the business’s other partners or to the partnership itself.
Buy-sell contracts are normally utilized by partnerships and closed corporations in an endeavor to smooth over transformations in ownership when a partner dies, retires, or chooses to quit the business. The buy-sell agreement states that the business percentage be offered to the company or the remaining partners of the business according to a fixed formula. Without this type of arrangement in place, when a partner dies his share of business would be handled by the executor of the will. The other partners have no legal options to buy it if the family members do not wish to offer the partner’s slice of the firm.
This Ohio Buy-Sell Agreement file can be customized to fit your requisites, particularly if you’re competent in editing Microsoft Word documents. You may need to incorporate or delete components depending upon the distinct arrangement you’re making with the other partner(s). If there are just two partners you can expunge references in the legal agreement to additional partners.. It is your responsibility to make sure that the buy-sell agreement form fulfills your specific requirements and includes all of the provisions you call for.
Click on the correct link beneath to acquire the Ohio Buy-Sell Agreement in Microsoft Word free of charge. The Word document will almost instantly transfer so examine the folder where documents are kept on your computer. You may also create the Ohio Buy-Sell Agreement using our free fillable PDF version. The PDF has fillable fields into which you can type the required information.
WORD – Ohio Buy-Sell Agreement Word
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