About this item
Head off disagreements with departing co-owners It happens to any business that's owned by more than one person: Sooner or later, one or more owners will want or need to leave the business. What will happen to your company if one co-owner wants to retire, files for bankruptcy, or goes through a divorce? Unless you plan in advance, it could threaten the survival of your business. In short, it's essential that you create a simple but effective "prenuptial agreement" for your company with a buyout agreement (buy-sell agreement) . This document clarifies: when co-owners can sell their interests the circumstances requiring an owner to sell (personal bankruptcy, for example) who can buy into the business how much departing owners can ask for their shares, and how long continuing owners have to pay the former owner.
About the Author
Anthony Mancuso is a California attorney and a corporations and limited liability company expert. He graduated from Hastings College of Law in San Francisco, is a member of the California State Bar, writes books and software in the fields of corporate and LLC law, and has studied advanced business taxation at Golden Gate University in San Francisco. He also works as a technical writer, and is currently employed by Google.org in Mountain View, CA. He is the author of many Nolo books on forming and operating corporations (both profit and nonprofit) and limited liability companies. His titles include Incorporate Your Business, How to Form a Nonprofit Corporation (national and California editions) , Form Your Own Limited Liability Company, The Corporate Records Handbook, LLC or Corporation? , and Your Limited Liability Company - an Operating Manual. His books have shown over a quarter of a million businesses and organizations how to form a corporation or LLC. He also is a licensed helicopter pilot and has performed for years as a guitarist in various musical idioms.
