Buy / Sell Agreements
Business Planning Lawyer in Thousand Oaks
Business agreements should always be in writing, in the event that you or your business is sued. Contracts and agreements that are in writing are more enforceable than oral agreements, even though certain types of oral agreements are legally binding. It is important to keep agreements and contracts detail-oriented, but it is also beneficial for everyone if the language is kept simple.
You do not need an overabundance of legal jargon to make a contract or agreement legal. If you keep it clear and concise, the person signing the document will most likely have a better understanding of their obligations. Specific situations must be identified, such as payment obligations and when the contract may be terminated. A Thousand Oaks attorney from Pederson Law Offices can help draft contracts and agreements that will satisfy all parties involved.
Understanding Buy / Sell Agreements
A buy/sell agreement is an agreement that protects business owners when a co-owner is no longer able or willing to be a part of the business. This may be a result of retirement, divorce, death, or simply because they do not want to remain with the company.
A buy/sell agreement not only protects the current business owners, but it protects the owner who wishes to leave the business as well. These types of agreements should be created as soon as a business is established, in order to avoid possible business disputes and financial problems.
In the event of a co-owner's death, a buy/sell agreement may allow the rest of the owners to purchase the interest of the deceased partner. This allows the surviving business owners to avoid becoming business partners with the deceased owner's surviving spouse or family.
Need a Ventura County attorney's assistance?
If you are struggling with creating a contract or agreement for your company, we may be able to help you. Our team has been handling business planning issues since 1978. With a properly drafted agreement or contract, you may be able to prevent future legal problems.
We can assist business owners with constructing buy/sell agreements, as well as general business agreements. If you and your partner live in separate states, we can determine which state laws to follow in regards to mediation, arbitration, and legal actions in order to avoid confusion.
Contact our firm today at (805) 372-1507 to get started!