Glen Ellyn, IL asked in Contracts for Illinois

Q: What type of lawyer would be needed to create a simple buyout agreement for a small business between 2 owners?

Related Topics:
2 Lawyer Answers
Robert Shipley
PREMIUM
Robert Shipley
Answered
  • Chicago, IL
  • Licensed in Illinois

A: You should consult with an attorney whose practice is concentrated in business law and has experience in drafting, reviewing and negotiating the type of agreement you have described.

T. J. Jesky agrees with this answer

Bryan R. Bagdady
Bryan R. Bagdady
Answered
  • Oakbrook Terrace, IL
  • Licensed in Illinois

A: Commercial Lawyer. You will want an agreement to transfer shares or membership interests depending on whether the business is a corporation or an LLC. You should also consider a non-compete agreement from the individual being bought out to make sure they don't turn around and start competing against you the next day in the form of a new business. Hope this helps. - Bryan.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.