How do we sell a LLC and secure payment with a promissory note?
Full Question:
What legal document do I need for selling a LLC with colleteral of A/R & All Assets, and a promissary note for $190,000 in State of WA
10/29/2009 |
Category: LLC |
State: Washington |
#19369
Answer:
The sale of a business such as a LLC can be accomplished through a buy sell agreement. A buy-sell agreement is an agreement between members of a LLC, partners of a partnership or between a shareholder and a corporation whereby the parties agree to the terms and conditions of a future sale of the partners or shareholder's interest. By signing the agreement, the party contractually limits his or her ability to dispose of his or her interest in the partnership or corporation to the terms of the agreement.
While the most common buy sell agreement forms are written for partnerships and corporations, they can be easily modified to suit the sale of a LLC.
