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LSDefine

Simple English definitions for legal terms

buy-sell agreement

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A quick definition of buy-sell agreement:

A buy-sell agreement is a rule that says if someone who owns part of a business wants to leave or dies, they have to sell their part of the business back to the other owners or the business itself. This is to make sure that the people who own the business can control who else gets to own part of it. It's like a promise that the owners make to each other to keep the business safe and in good hands.

A more thorough explanation:

A buy-sell agreement is a legal agreement that limits the ownership rights of closely-held organizations. It requires that when an owner decides to leave or passes away, their shares must be resold to either the organization or current partners. This is done to keep control over who is in the business.

For example, let's say that John and Jane own a small business together. They have a buy-sell agreement in place that states if one of them decides to leave the business, they must sell their shares back to the other partner. This ensures that the remaining partner has control over who is involved in the business.

Buy-sell agreements are common in partnerships and proprietorships where the owners have a lot of control within the business. The owners want to make sure that their stake in the business cannot be given to an untrustworthy person. A buy-sell agreement prevents any form of transferring ownership except back to the business or other owners, even in a will.

Overall, a buy-sell agreement is a way for closely-held organizations to maintain control over who is involved in the business and ensure that ownership stays within trusted individuals.

but-for test | buyback

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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