LLC/Corporation Buy-Sell Agreement
A buy-sell agreement is a contract among the owners of a business that sets out in advance how an owner's interest will be transferred or bought out upon a triggering event such as death, disability, divorce, bankruptcy, or voluntary exit. Use this when the owners of an LLC or corporation want a signed plan for handling ownership transfers triggered by a member's death, permanent disability, divorce, bankruptcy, or voluntary exit — including a right of first refusal and an agreed method for valuing the departing owner's interest.
What's included
A ready-to-use llc/corporation buy-sell agreement with signature fields already placed for Member A and Member B. Fill in the bracketed details (like [Company Name] or [Date]) using Docracy's built-in text editor, then send it out for signature.
This is a general template for informational purposes only and does not constitute legal advice. Consult a qualified attorney to review it for your specific situation and jurisdiction before use.
Key clauses
- Triggering events (death, disability, divorce, bankruptcy, voluntary exit)
- Right of first refusal for remaining owners
- Valuation method for the departing owner's interest
- Purchase price payment terms (lump sum vs. installments)
- Funding mechanism, such as life or disability insurance
- Restrictions on transferring ownership to outside parties
What you'll fill in
[Company Name][State of Formation][Owner 1 Name][Owner 2 Name][Ownership Percentage][Triggering Event][Valuation Method][Purchase Price Payment Terms][Effective Date]Legal summary
Signing this agreement legally commits the owners to a predetermined process for buying and selling ownership interests when a triggering event occurs, instead of negotiating terms after the fact. It generally gives existing owners or the company the first right to purchase a departing owner's stake at an agreed valuation, which helps prevent an outside party, creditor, or estranged spouse's estate from becoming an unwanted co-owner.
Free for up to 2 signers, no account required. Need unlimited? Flat $10/month.
FAQ
Is this LLC/Corporation Buy-Sell Agreement legally binding?
Signing through Docracy uses a simple electronic signature (SES), which is legally recognized for everyday business agreements under laws like the U.S. ESIGN Act and the EU's eIDAS regulation. This is a general template, not legal advice — for high-stakes or regulated agreements, have a qualified attorney review it for your situation.
Who needs to sign this LLC/Corporation Buy-Sell Agreement?
This template includes signature fields for Member A and Member B — already placed, so you just fill in the details and send.
Can I edit this LLC/Corporation Buy-Sell Agreement before sending it?
Yes — Docracy's editor lets you edit the text, add or remove signature fields, redact sections, and reorder pages before you send it.
Do I need an account to send this LLC/Corporation Buy-Sell Agreement?
No — it's free for up to 2 signers with no account required. Create a free account only if you want to save it to a dashboard or reuse it later.
Try it with an AI assistant
Paste one of these into ChatGPT, Claude, or your assistant of choice:
“Generate a filled LLC Buy-Sell Agreement using this template for a two-member LLC with a 50/50 ownership split.”
“Explain the difference between the valuation methods commonly used in a buy-sell agreement so I can choose one for my company.”
“Adapt this Buy-Sell Agreement for a corporation with three shareholders and a right of first refusal.”
Why teams start with Docracy
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Free for up to 2 signers, no account required. Need unlimited? Flat $10/month.