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Partnership Buy Sell Agreement Template
"I need a Partnership Buy-Sell Agreement Template for a 4-partner medical practice in Sydney, with special provisions for disability and retirement, and mandatory life insurance requirements to fund potential buyouts by March 2025."
1. Parties: Identification of all current partners and the partnership entity
2. Background: Context of the agreement, including partnership details and purpose of the buy-sell arrangement
3. Definitions: Key terms used throughout the agreement
4. Triggering Events: Events that activate the buy-sell provisions (death, retirement, disability, etc.)
5. Purchase Price and Valuation: Methods for determining the value of partnership interests
6. Payment Terms: Structure and timing of payments for purchased interests
7. Right of First Refusal: Process for existing partners to purchase available interests before external sale
8. Mandatory Purchase Events: Circumstances requiring mandatory purchase of partnership interests
9. Transfer Restrictions: Limitations on transfer of partnership interests
10. Insurance Provisions: Requirements for life and disability insurance to fund purchases
11. Dispute Resolution: Procedures for resolving disagreements
12. Governing Law: Applicable law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Disability Provisions: Detailed procedures for handling partner disability, used when partners want specific disability arrangements
2. Forced Sale Provisions: Procedures for forcing out a non-performing partner, included when partners want this option
3. Family Transfer Exceptions: Special rules for transfers to family members, relevant for family partnerships
4. Financing Arrangements: Specific financing terms for purchases, included when specific financing methods are pre-agreed
5. Tag-Along Rights: Rights of minority partners to join in sale of majority interests, useful for partnerships with unequal ownership
6. Drag-Along Rights: Rights of majority partners to force minority partners to join in sale, useful for partnerships with unequal ownership
7. Non-Competition Provisions: Restrictions on competing after leaving the partnership, included when business protection is crucial
8. Intellectual Property Rights: Special provisions for IP ownership and transfer, relevant for partnerships with significant IP assets
1. Schedule A - Current Partnership Interests: List of current partners and their ownership percentages
2. Schedule B - Valuation Formula: Detailed methodology for calculating partnership interest values
3. Schedule C - Insurance Policies: Details of life and disability insurance policies held by partners
4. Schedule D - Partnership Assets: List of major partnership assets included in valuation
5. Appendix 1 - Valuation Certificate Template: Standard form for documenting valuations
6. Appendix 2 - Purchase Notice Template: Standard form for initiating purchase under the agreement
7. Appendix 3 - Transfer Documentation: Templates for partnership interest transfer documents
Authors
Professional Services
Legal Services
Accounting & Financial Services
Medical Practices
Engineering Firms
Architecture Firms
Management Consulting
Real Estate
Construction
Retail
Hospitality
Agricultural Business
Manufacturing
Technology Services
Legal
Finance
Executive Leadership
Risk Management
Compliance
Operations
Human Resources
Administration
Business Development
Managing Partner
Senior Partner
Junior Partner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Business Development Manager
Partnership Administrator
Risk Manager
Compliance Officer
Financial Controller
Operations Manager
Human Resources Director
Practice Manager
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