Buy-sell agreements are legally binding agreements between business owners that outline clear details regarding how certain major events may impact a business. When buy-sell agreements are properly drafted and executed, they can provide important protections for business owners, helping them to safeguard their interests in a business when disputes or other issues may arise.
At the Law Offices of Darrell C. Harriman, our Santa Clarita and San Fernando Valley business attorney is skilled at crafting comprehensive buy-sell agreements to meet his clients’ needs and appropriately protect their interests. Whether you are in the process of forming a small or large business, let our trusted business lawyer assist you in drafting a buy-sell agreement that can protect you and your business in the future.Buy-Sell Agreements: The Terms of These Agreements
While buy-sell agreements can be tailored to meet the specific needs and interests of business owners, in general, the following are some of the primary issues that these agreements define:
When an owner’s interest in a business may be disposed of
When business owners may be able to buy out other owners (and how these buyouts should be priced if they are an option in the terms of buy-sell agreements)
When substitute owners may step into the place of a current business owner
What should be done when a business owner divorces, files for bankruptcy or passes away.
Putting buy-sell agreements in place when businesses are set up can be essential to minimizing future potential problems when certain significant events impact a business owner. In fact, some of the specific reasons that it’s important to have buy-sell agreements in place for businesses include (but are not limited to) the facts that these agreements can be devised to:
Specify each owner’s interest in a business
Set up options for purchasing an owner’s interests when these owners need to relinquish their shares in the business
Make sure that a spouse of deceased business owner is appropriately compensated for his or her departed spouse’s interest in a business
Outline the terms for evaluating shares in a business
Prevent the need for expensive, time-consuming litigation to resolve disputes related to the above-mentioned issues.
It’s important to note that there can be other benefits to setting up buy-sell agreements for businesses, and our San Fernando Valley business attorney can inform business owners of their best options for these agreements to ensure they are able to realize the maximum possible benefits from them.San Fernando Valley Business Attorney at the Law Offices of Darrell C. Harriman
Do you need help developing a comprehensive buy-sell agreement for your business? If so, the trusted San Fernando Valley business attorney at the Law Offices of Darrell C. Harriman is ready to meet with you, discuss your options and provide you with superior representation for all of your business legal needs.
To learn more about your options for buy-sell agreements, contact our firm by calling (818) 892-7093 or by filling out the contact form on this page.
From our offices based in North Hills, we provide the highest quality legal services to our clients throughout the San Fernando Valley, Simi Valley, Santa Clarita and the greater Los Angeles area.