A properly drafted buy-sell agreement entered among the equity stakeholders of a closed corporation or entity provides for an orderly transition in the event of a managing or active owner’s retirement, death or long-term disability. At LAW OFFICE OF JORGE SALVA, PLLC, we negotiate and draft for our clients’ buy-sell agreements that clearly provide for the restructuring of ownership and operational control among the surviving owners, so as to enable decision making and the continuation of normal operations, while at the same time, providing for the compensation of the departing owner or his or her estate and family for the purchase of the departing owner’s shares or interests in the company. A departing owner’s interest is often purchased with the proceeds of life insurance or disability insurance, so as to minimize the disruption in the company’s finances and preserve the viability of the enterprise. A buy-sell agreement can take various forms, including provisions in organizational documents or by a separate agreement.
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