Bethany Laurence - Business Buyout Agreements: Plan Now for All Types of Business Transitions

(but dont take our word for it)

In Nolo you can trust.

THE NEW YORK TIMES

Nolo is always there in a jam as the nations premier publisher of do-it-yourself legal books.

NEWSWEEK

Nolo publicationsguide people simply through the how, when, where and why of the law.

THE WASHINGTON POST

[Nolos]material is developed by experienced attorneys who have a knack for making complicated material accessible.

LIBRARY JOURNAL

When it comes to self-help legal stuff, nobody does a better job than Nolo

USA TODAY

The most prominent U.S. publisher of self-help legal aids.

TIME MAGAZINE

Nolo is a pioneer in both consumer and business self-help books and software.

LOS ANGELES TIMES

9th Edition

Business BuyoutAgreements

Plan Now for All Types ofBusiness Transitions

Attorneys Bethany K. Laurence & Anthony Mancuso

NINTH EDITION JUNE 2022

Editor BETHANY K. LAURENCE

Book Design SUSAN PUTNEY

Proofreading CATHLEEN SMALL

Index VICTORIA BAKER

Printing SHERIDAN

Names: Laurence, Bethany K., 1968-, author. | Mancuso, Anthony, author.

Title: Business buyout agreements : plan now for all types of business transitions / Bethany K Laurence, J.D. & Anthony Mancuso.

Description: 9th ed. | Berkeley, CA : Nolo, [2022] | Includes index.

Identifiers: LCCN 2022000295 (print) | LCCN 2022000296 (ebook) | ISBN 9781413329650 (paperback) | ISBN 9781413329667 (ebook)

Subjects: LCSH: Sale of business enterprises--Law and legislation--United States--Popular works.

Classification: LCC KF1659 .M36 2022 (print) | LCC KF1659 (ebook) | DDC 346.73/0652--dc23/eng/20220330

LC record available at https://lccn.loc.gov/2022000295

LC ebook record available at https://lccn.loc.gov/2022000296

This book covers only United States law, unless it specifically states otherwise.

Copyright 19992010, 2013, 2016, 2019, and 2022 by Anthony Mancuso and Nolo.

All rights reserved. The NOLO trademark is registered in the U.S. Patent and Trademark Office. Printed in the U.S.A.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Reproduction prohibitions do not apply to the forms contained in this product when reproduced for personal use. For information on bulk purchases or corporate premium sales, please contact tradecs@nolo.com.

Please note

Accurate, plain-English legal information can help you solve many of your own legal problems. But this text is not a substitute for personalized advice from a knowledgeable lawyer. If you want the help of a trained professionaland well always point out situations in which we think thats a good ideaconsult an attorney licensed to practice in your state.

Many thanks to Jake Warner, Terri Hearsh, Susan Putney, Mike Mansel, Walter Gibbons, and Nolo for helping us produce and publish this small business book through many transitions.

Anthony Mancuso is a corporations and limited liability company expert. He graduated from Hastings College of the Law in San Francisco, studied advanced business taxation at Golden Gate University in San Francisco, and is an active member of the California State Bar. Mr. Mancuso is the author of Nolos bestselling titles 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, and LLC or Corporation? His books and software have shown more than a quarter of a million businesses and organizations how to form an LLC or a corporation. He also is a licensed helicopter pilot and performs as a guitarist. He currently works for Google.

Bethany K. Laurence joined Nolo as a legal editor in 1997. She holds a law degree from University of California, Hastings College of the Law, a B.A. degree from Boston University (Phi Beta Kappa, magna cum laude), and is a member of the California State Bar. Ms. Laurence has combined her legal and financial expertise to edit many Nolo books. Over the years she has been the editor of Form Your Own Limited Liability Company, Tax Savvy for Small Business, and The Small Business Start-Up Kit, and she was the co-author of Save Your Small Business: 10 Crucial Strategies to Survive Hard Times or Close Down & Move On and Bankruptcy for Small Business Owners: How to File for . Prior to joining Nolo, Ms. Laurence worked for CCH, Inc. (a division of Wolters Klewer, Inc.). Over the last decade she has been active on the board of directors of several educational nonprofit organizations.

Any new business owner knows there is an insane number of tasks involved in launching a business. Just getting your business license, government filings, and finances in order can wear you down, never mind readying the heart of your business: how to market and sell your goods or services.