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Buy-Sell Agreements

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Buy-Sell Agreements

Hypothetical: Veronica and her sister Annie are equal owners of Veronica’s Things, LLC. They have been in business for 15 years, and their business is going well despite the fact that Annie’s husband does not like Veronica. Annie’s husband does not like Veronica because he believes that his wife was entitled to more money from the business than Annie has received. Annie unexpectedly dies in a car accident. Veronica contacts an attorney because Annie’s husband called her demanding he gets two-third of the income from the business and that he is the new President.

In meeting with the attorney, Veronica is pleased to hear that Veronica’s Things, LLC is deemed to be owned 50/50 because there was no operating agreement that stated otherwise. However, she is most stressed when she is told that because there was not a buy-sell agreement between her and Annie, the new owner of the business is her brother-in-law who despises her. Veronica is distraught when she realizes that these issues could have most likely been avoided if the business had hired an attorney to assist them and advise them.

Spangler and de Stefano, PLLP assists business owners with drafting and implementing a buy-sell agreement.

The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Spangler and de Stefano, PLLP and the reader. The information contained herein is not offered as legal advice and should not be construed as legal advice.