Buy Sell for a Company - Self Insured
Buy/Sell Agreements
A buy/sell agreement is a contract entered into between business partners (directors/shareholders) pursuant to which a mechanism is agreed whereby the surviving directors/shareholders purchase or acquire the other director's/shareholder's interest in the company should a specific event occur.
Specific events which may trigger a buy/sell agreement include death, divorce, long-term disability, retirement or bankruptcy.
Buy/Sell Agreements are usually linked to an insurance policy on the life of certain individuals. The policy provides the surviving partners with the money to be able to buy out the deceased/disabled/departing partner's interest.
Buy/Sell Agreements are a simple, effective "no stress" way of disposing of an interest in a business at a time when the family is generally under substantial emotional stress that finding a buyer for a business (or part of a business) is the least matter on their minds.
If you require any amendments to the document after it has been returned to you, one of our lawyers can make those amendments however the cost for this work is
not included in the price of this document. Please contact us on info@ampalmer.com.au for further assistance.