Legal Question in Business Law in California

Re: Business partners buyouts

Prepare a buyout agreement that contains all the terms, representations, waivers, notices, hold harmless, etc., agreed upon and required.

If you don't know what those mean, or how to properly 'legally' describe them in the contract, you shouldn't be doing 'brain surgery self-taught'. Hire experienced counsel to keep you from creating a situation where litigation would be required to resolve disputes. A little money spent now will be better than a lot spent later in litigation. Feel free to contact me if serious about doing it right.

Re: Business partners buyouts

Is this a partnership, LLC or corporation?

If it is a partnership, use a Partnership Interest Purchase Agreement.

If it is a corporation, use a Stock Purchase Agreement.

If it is an LLC, use a Membership Interest Purchase Agreement.

These agreements are similar, but with slight variations.

Hope this helps.

Re: Business partners buyouts

The smart alecky answer (please forgive me) is the documents your attorney drafts for you. But really, not meaning any insult, I cringe at the things that people imply they are going to try DIY (do it yourself). There are nuances so that a simple form doesn't really do the job right and an attorney is there to exercise reasonable and knowledgeable paranoia about what could happen in the future. Please consult a local business attorney!