Legal Question in Business Law in Pennsylvania

LLC Buy and Sell Agreement

As a Penna Limited Liability Company we have two principals not related,with each owning 50% of the company. We need an agreement that upon the death of one of the principals, will ensure the surviving spouse will be properly compensated but bought out upon the death of the principal.

Asked on 2/12/99, 5:12 pm

1 Answer from Attorneys

Gerald Hershenson Law Office of Gerald M. Hershenson

Re: LLC Buy and Sell Agreement

I agree that you should have a buy sell agreement. You have to give thought as to how the agreement will be funded. You will have to seek the advice of an attorney in order to protect both your rights. You did not supply sufficient information. If you go to an attorney be prepared to answer several detailed questions. A failure to have such an agreement could create problems in the future.

Gerald Hershenson

Law Office of Gerald M. Hershenson

506 Corporate Drive West

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Answered on 2/13/99, 6:45 pm

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