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)
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
Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.
Why Is My Information Online?