Does anyone have a "partner buyout agreement" that they have used and would be willing to share?

This would be used for when one partner in a business is buying out the other partner. It is arranged as an LLC so there is no "stocks" to deal with.

Thoughts?

I would recommend using your lawyer for this, avoids any problems later.

Yes I know this....and that was already considered.

I guess I should have said...please don't recommend a lawyer as that is already a given.

I want to work up a template/idea then present it to my laywer to better define what I want and also to cut down on his billable time.

But thanks anyway for the insight.

Yes I know this....and that was already considered.

I guess I should have said...please don't recommend a lawyer as that is already a given.

I want to work up a template/idea then present it to my laywer to better define what I want and also to cut down on his billable time.

But thanks anyway for the insight.

When it comes time for two partners to seperate, here's how you can settle the issue of who gets the business and who gets paid:

Have Partner #1 name a price for the business, and allow Partner #2 to chose whether he/she would like to buy the business from Partner #1 for that price or sell the business to Partner #1 for that price.

That's a standard universally accepted method of ending a partnership.

Now you just need to get a lawyer to translate that into legal-speak ;)

Don't get into a partnership without a termination agreement between the two of you! :)

It depends on where your LLC is registered - you local legal stationers probably has a pre-printed form.

Shotgun Clause!

A buy-sell provision used by related parties in a business venture which gives an investor within the partnership the right to offer his/her portion to a partner at a specified price. If the partner does not buy the offered interest at this price, the partner must then sell his/her own interest to the offering party at the same specified price.

The shotgun clause attempts to provide security to the partners of a venture by ensuring the offering of a fair price. Because the investor initially tendering the shares cannot be certain whether the shares will be purchased or rejected, the specified price must be carefully considered - after all, a rejection of the tendering creates an obligation for the offering party to buy the partner's portion at the same price he/she was originally willing to sell at.

http://www.investopedia.com/terms/s/shotgunclause.asp