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If you're like many entrepreneurs, you're working with one or more co-owners. And sooner or later, one or more owners will exit the business. What will happen to your company if one co-owner wants to retire, files for bankruptcy, or goes through a divorce? Unless you plan in advance, it could threaten the survival of your business.
Bethany Laurence is a business law editor at Nolo and a coauthor of Save Your Small Business. Anthony Mancuso is author of Form Your Own Limited Liability Company, Incorporate Your Business, How to Form a Nonprofit Corporation, and other Nolo books.
Table of Contents
|Introduction: Your Legal Companion for Creating a Buyout Agreement|
|An Overview of Buyout Agreements|
|What a Buy-Sell, or Buyout, Agreement can Do||p. 8|
|When Should You Create a Buyout Agreement?||p. 16|
|Does Everyone Need a Buy-Sell Agreement?||p. 17|
|How to Create Your Agreement||p. 18|
|When to Seek a Lawyer's Advice||p. 20|
|Limiting the Transfer of Ownership Interests|
|Transfers of Ownership Interests||p. 24|
|Using a Right of First Refusal||p. 25|
|Using Absolute Transfer Restrictions||p. 43|
|Providing the Right to Force Buyouts|
|Changes in an Owner's Circumstances||p. 48|
|If an Owner Retires or Stops Working||p. 52|
|If an Owner Becomes Disabled||p. 65|
|If an Owner Dies||p. 74|
|If an Owner Divorces||p. 88|
|If an Owner Loses a License||p. 93|
|If an Owner Files for Personal Bankruptcy||p. 96|
|If an Owner Defaults on a Personal Loan||p. 99|
|If an Owner Needs to Be Expelled||p. 104|
|Company Versus Co-Owners as Buyers||p. 110|
|The "Wait and See" Approach Works||p. 115|
|Funding With Cash||p. 134|
|Borrowing Money||p. 135|
|Buying Insurance||p. 135|
|Making Installment Payments||p. 149|
|How to Set the Buyout Price in Your Agreement|
|Why Choose a Price in Advance?||p. 152|
|What Valuation Methods are Based on||p. 154|
|How our Valuation Provisions Work||p. 157|
|Agreeing on a Fixed Price (Valuation Method 1)||p. 159|
|Using a Buyout Formula||p. 164|
|Choosing Payment Terms for Buyouts|
|Balancing the Interests of Buyer and Seller||p. 188|
|Lump-Sum Cash Payment||p. 190|
|Installment Plans||p. 191|
|Customized Schedule of Payment||p. 197|
|Creative Ways to Pay||p. 198|
|Completing and Updating your Buyout Agreement|
|Finalizing your Buyout Agreement||p. 202|
|Resolving Buyout Disputes in the Future||p. 212|
|Binding Future Owners Under your Buyout Agreement||p. 222|
|Updating your Agreement||p. 223|
|Income and Estate Tax Issues|
|Income Tax Issues||p. 228|
|Estate Tax Issues||p. 245|
|Lawyers, Tax Specialists, and Resources|
|How to Find the Right Lawyer||p. 270|
|Finding the Right Tax Adviser||p. 275|
|Legal Resources||p. 276|
|How to Use the CD-ROM|
|Installing the Files onto your Computer||p. 283|
|Using the Word Processing Files to Create Documents||p. 284|
|Forms CD-ROM||p. 287|
|Table of Contents provided by Ingram. All Rights Reserved.|