law firm shareholder agreement sample

Further, any provisions that are required by that prescribed form are incorporated into this Agreement. Let’s take a look at just how important this document is: A shareholder agreement is a legally binding document which exists between a company’s shareholders. Each Shareholder agrees that while a Shareholder, director, officer or employee of the Corporation and for a period of 6 months after ceasing to be a Shareholder, director, officer or employee of the Corporation, the Shareholder will not, solely or jointly with others: undertake, plan, organize or be involved in any way with any business or any business activity that competes with the current or anticipated business of the Corporation in the geographic area in which the Corporation carries on its usual business; or. Restrictions on Transfer. 3.7. Pass it along: In which industry does your business operate? Your use of this site is subject to our Terms of Use, Disclaimer and Privacy Policy. LawDepot® is not a law firm and cannot provide legal advice. Some parts of forming an LLC can be fun: figuring out what the name and logo will be, defining what products and services to offer, and figuring out how to expand the business. Just like any other contract, you have the choice to terminate a shareholder agreement. It protects minority shareholders because the buyer must also purchase their shares at the same price as the majority shareholder, therefore agreeing to purchase all the shares. Moreover, since this agreement is a private document, you don’t have to place it along with the company’s files. Binding on Successors and Assigns. All Rights Reserved. Procedures for dissolution. Each Shareholder may obtain insurance on the life of any other Shareholder in an amount not exceeding the estimated Fair Market Value of that Shareholder's Shares. Employment of Shareholders. ©2002-2020 LawDepot® (Sequiter Inc.). Enter into any written agreement providing any Specified Shareholder with rights to Specified Shareholder Bonus Payments unless such rights are subordinated to the Obligations pursuant to a Specified Shareholder Subordination Agreement. Governing Law. If there is a conflict between any provision of this Agreement and any form of Agreement prescribed by the Act, that prescribed form will prevail and such provisions of the Agreement will be amended or deleted as necessary in order to comply with that prescribed form. The Articles will not be amended or repealed except by written Agreement of all of the Shareholders. All Shareholders, without the consent of the Corporation, may modify, amend or rescind this Agreement. create a safe relationship among the shareholders.

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