Seikaly & Stewart PC v. Fairley et al

Filing 1

COMPLAINT. Filing fee received: $400.00, receipt number PHX 0970-9418622, filed by Seikaly & Stewart PC. (submitted by Michael Pianin) (Attachments: # 1 Exhibit, # 2 Exhibit, # 3 Exhibit, # 4 Exhibit, # 5 Exhibit, # 6 Exhibit, # 7 Exhibit, # 8 Exhibit, # 9 Exhibit, # 10 Civil Cover Sheet)(REK)

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Failure to Establish Buy-Sell Agreements Fatal Error for Business Partners J. Michael Nelson December 5, 2011 All business partnerships start with the best intentions, but many do not end that way. This is why buy-sell agreements are so important, and every company with multiple partners or shareholders should have one the moment the business is formed. A buy-sell agreement is a contract between partners in a business that dictates who can buy a departing partner’s share of the business and establishes a fair price for the partner's stake. If a co-owner wants out of the business, wants to retire, wants to sell his shares to someone else, goes through a divorce, or dies; buy-sell agreements act as a “premarital” arrangement to protect everyone's interests, setting the price and terms for buyout options. You, Brian, and Dan and two partners opened your company in Farmington Hills 20 years ago, but the business never established a buy-sell agreement. The company is now worth millions, but Brian one of your partners has died of a sudden heart attack, and his young wife of two years now wants an active management role in business decisions. At the same time, Dan the remaining partner decides to retire and turn his shares of the company over to his son who never finished high school. Only a buy-sell agreement 20 years earlier would have prevented what may now be years of costly, bitter litigation. But all is not lost. It may be possible to have a mutually trusted accountant, like the firm’s accountant, arbitrate a solution. What do you do? Sound impossible… Think again… Only a buy-sell agreement 20 years earlier would have prevented years of litigation. Any Michigan business in the Farmington Hills area with partners (or shareholders in a closelyheld corporation) and no buy-sell agreement, or those in the Farmington Hills area entering into such an arrangement for the first time. a multiple partnership who do not needs to consult a lawyer experienced in business matters so that problems can be avoided before they become insurmountablethe services of a Farmington Hills area Business Lawyer for a buy-sell agreement are gambling with their future interests. . In the Farmington Hills area or within Michigan call Seikaly & Stewart, P.C. at (248) 785-0102, or email them at

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