A buy-sell agreement is a contract between the owners of a business that sets forth certain triggering events that will allow the owners to exit from the business, who will be permitted or required to buy their shares, how the shares will be valued for purchase, and how any such purchase will be funded. Business owners will generally work with an attorney to navigate each of these issues in light of their specific circumstances. One-size-fits-all buy-sell agreements are inadvisable, because the facts surrounding each business and the needs of its owners are different in every situation.
June 7, 2024
In the world of closely-held corporations and LLCs, the question of when stock transfer restrictions prove beneficial looms large. As our business attorneys delve into this complex terrain, they uncover not just the answer, but a roadmap for structuring these restrictions effectively. From approval processes to rights of refusal, the key lies in a nuanced approach that safeguards both business interests and shareholder intentions. By understanding the intricacies and advantages of these restrictions, businesses can navigate ownership changes with clarity and confidence.
May 6, 2024
A fiduciary duty is a type of law applied to individuals who act on behalf of and in the best interests of someone or something else. Essentially, it is an obligation of trust from the person acting on behalf of another aka fiduciary, to the one for whom they are acting. In terms of businesses and corporations, a fiduciary duty is an obligation to act in good faith, with the care of a reasonable person in a similar position and the belief that their decisions are in the best interests of the company and its shareholders.
April 24, 2024
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