Legal Question in Business Law in Minnesota

Adding a partner

About a year ago, two of us formed a C-Corp. We are adding a third equal partner to the group. At this time we would also like to put additional items in place (buy-sell, duties, death options, dispute resolution, etc.). What forms do we need to fill out and what other provisions do you suggest we consider?

Thank you for your help...


Asked on 1/28/03, 11:06 am

1 Answer from Attorneys
David Kelly-952-544-6356 Kelly Law Office

Re: Adding a partner

You need a cross purchase agreement, bylaws that match the agreement, meeting minutes and stock certificates with a legend on the back limiting transfer rights. You might want to start with a letter of intent or some sort of a purchase agreement - depends on who you are, what kind of business it is and what you are trying to do.

Is it a million dollar deal, a hundred dollar deal, what?

What provisions should be included? I could write a textbook to answer that question. Not enough room here to even start.

This is not a matter of filling out forms. You need a lawyer. If you try to do this on your own you are taking a big risk. Pardon my frankness, but don't do something stupid.

Good luck.

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Answered on 1/31/03, 11:15 am


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