Buy-Sell Agreement Checklist by pok77069


									                                              Buy-Sell Agreement Checklist

How is the Business Structured?                                                 Does the Business Value reflect Current FMV?
a Proprietorship                                                                a Yes      a No
a Partnership
a C Corporation                                                                 How often is the Valuation Updated?
a S Corporation (Maintain S Election)                                           a _______________
a PC
                                                                                Is the Business Value the same for all Triggering Events?
a Other ____________
                                                                                a Yes     a No

Who are the Parties to the Agreement?
                                                                                Does the Agreement provide for Life Insurance to Cover a
a Related                                                                       Buy-Out at Death?
a Unrelated                                                                     a Ownership/Beneficiary Consistent
a Spouse (Community Property)                                                   a Payment of Premiums
                                                                                a Procedure upon Failure to pay Premiums
What Triggering Events are Identified?                                          a Disposition of Policies-Death/Lifetime
a Death                                                                         a Ability to Purchase Additional Insurance
a Disability                                                                    a Policy Schedule
a Retirement                                                                    a Allocation of Excess Proceeds
a Termination of Employment
a Divorce, Marital Separation                                                   Does the Agreement provide for Disability Income Insurance?
a Loss of License                                                               a Yes a No
a Act of Law
a Bankruptcy                                                                    Does the Agreement provide for Disability Buy-Out Protection?
a Other Insolvency Laws                                                         a Yes a No

Is “Disability” defined, and if so, How?                                        What are the Payment Terms?
a Disability Insurance Policy                                                   a Lump Sum             a Installment (Promissory Note)
a Social Security                                                               a Other _____________
a Other
                                                                                Are there Dispute Resolution Provisions?
How is the Buy-Out Structured?                                                  a Arbitration           a Mediation
a Cross Purchase                                                                a Other ____________
a Stock Redemption
a Combination
                                                                                Are Relevant Schedules Attached?
a Trusteed Arrangement
                                                                                a Life Insurance
                                                                                a Share Structure
How is the Business Value Determined?                                           a Trustee Agreement, if applicable
a Stated Value                                                                  a Other Applicable Agreement
a Formula
a Independent Appraiser
                                                                                Mandatory Non-Competition Clause for Seller?
a Other __________
                                                                                a Yes a No

                                                                                Are Loans made to Business Callable at Death?
                                                                                a Yes a No

                        The Guardian Life Insurance Company of America, 7 Hanover Square, New York, New York 10004-4025. 360 Professional Alliance is a
                        service mark of the Guardian. Neither Guardian, nor it’s subsidiaries, agents or employees provide tax or legal advice. You should contact
                        your legal advisor regarding your individual situation.                                                                        2009-1144

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