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 | oaklandbusin... Page 1 of 3 Name: Email: Phone: Enter Code: Send to My Email! Home About Seikaly & Stewart Our Services Our Website Subscribe Contact Failure to Establish Buy-Sell Agreements Fatal Error for Business Partners by Seikaly & Stewart on March 2, 2012 All business partnerships start with the best intentions, but many do not end that way. This is why buysell 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, and two partners opened your company in Farmington Hills 20 years ago, but the business never mhtml:file://W:\RAIN\Claim against Rainmaker\Complaint and Exhibits\Ex 6 - Failure to ... 4/16/2013 Failure to Establish Buy-Sell Agreements Fatal Error for Business Partners | oaklandbusin... Page 2 of 3 established a buy-sell agreement. The company is now worth millions, but 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, 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. Any Michigan business with partners (or shareholders in a closely-held corporation) and no buy-sell agreement, or those entering into such an arrangement for the first time. needs to consult a lawyer experienced in business matters so that problems can be avoided before they become insurmountable. In the Farmington Hills area or within Michigan call Seikaly & Stewart, P.C. at (248) 785-0102, or email them at info@seikalystewart.com. Previous post: No Michigan Business is Litigation Proof: Is Yours Ready? Next post: 10 Critical Areas to Include in Your Michigan LLC Operating Agreement Case Inquiry Your Name (required) Your Email (required) Subject Your Message mhtml:file://W:\RAIN\Claim against Rainmaker\Complaint and Exhibits\Ex 6 - Failure to ... 4/16/2013 Failure to Establish Buy-Sell Agreements Fatal Error for Business Partners | oaklandbusin... Page 3 of 3 Enter Security Code Below: Send Categories Business Law Business Partnerships Business Structures EEO Environmental FMLA LLCs Partnerships Patent Infringement S Corporations Trade Secrets Trademark Uncategorized Whistleblower Worker's Comp Archives September 2012 August 2012 July 2012 June 2012 May 2012 March 2012 February 2012 April 2013 M T W T F S S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 « Sep ©Copyright Oaklandbusinesslawyers.com 2013 All Rights Reserved. Seikaly & Stewart, P.C. - Michigan Business Litigation Attorneys 30300 Northwestern Highway Suite 200, Farmington Hills, MI 48334 Disclaimer | Sitemap Attorney web design by The Rainmaker Institute, the best law firm marketing company, offering blogging, social media and SEO for attorneys Free legal marketing report for lawyers mhtml:file://W:\RAIN\Claim against Rainmaker\Complaint and Exhibits\Ex 6 - Failure to ... 4/16/2013

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