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?

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2 Lawyer Answers
Robert Shipley
Robert Shipley
PREMIUM
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.

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