I issused stock purchase agreements that were signed by both parties and now one of the parties does not want to purchase the stock (in a LLC) and I agree to terminate the purchase. How do you terminate a stock purchase agreement?
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Read More Answered By: Donald W. Hudspeth |
Well first I am answering this question based only on the facts given. Facts have a way of "coming out of the woodwork" and changing the analysis. While legal principles apply, one fact can change everything. That being said, there are two ways to cancel the agreement: (1) the formal way is by doing a "cancellation" or "termination" agreement, Because it is so short even this formal agreement should cost under $500.00. And, (2) the informal way is to just have the two parties write "canceled" as of this date by the parties, then sign and date. A typed and hand-written signature would be good and a witness or notary to confirm the transaction would be even better. Generally ,if it is a "big dollar" contract I would have someone review the agreement and terminate it according to its terms. If it is not, then the "canceled" should do it. One thing we have not discussed is your rights under the agreement. So, we kind of jumped to the "cart" without talking about the "horse." |
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