The free Washington Buy-Sell Agreement is a legally binding agreement that specifies how a partner’s stake of a firm must be reassigned if that partner passes away or otherwise quits the entity. The majority of often, the buy and sell agreement specifies that the exiting partner’s percentage be sold to the remaining business partners or to the partnership itself.
Buy-sell contracts are extensively used by business partnerships and closed corporations in an endeavor to expedite transformations in ownership when a partner passes away, retires, or comes to a decision to leave the firm. The buy-sell agreement specifies that the business enterprise stake be sold to the business enterprise or the remaining business partners of the organization according to a predetermined formula. Without this type of agreement in place, when a partner dies his share of the business enterprise would have to be handled by the executor of the will. The remaining partners have no legal options to buy it if the family members do not want to sell the partner’s share of the firm.
This completely free Washington Buy-Sell Agreement document can be tailored to suit your goals, specifically if you’re competent in editing Microsoft Word documents. You might want to add in or expunge sections depending upon the particular arrangement you’re making with the other partner(s). If there are only two partners you can omit references in the agreement to additional partners.. It is your obligation to guarantee that the buy-sell agreement form satisfies your precise requirements and consists of all of the provisions you need.
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