So, you have formed your new Colorado LLC through™ and you are on your way to certain success with your new business venture. However (in your haste to become the next big thing) you may have skipped a major step in your overall business formation plan, the creation of an LLC Buy-Sell Agreement.

Every co-owned Colorado Limited Liability Company (LLC) needs a buy-sell, or buyout (think small business Pre-Nup), agreement the moment the business is formed or as soon after that as possible. A buy-sell agreement is a binding contract between co-owners that controls when owners can sell their interest, who can buy an owner’s interest, and what price will be paid. These agreements typically come into play when an owner retires, goes bankrupt, becomes disabled, gets divorced, dies, or when there is a disagreement amongst the members. The best time to create a buy-sell agreement is during the business formation phase, when all parties are healthy and in agreement. When one of the events above occurs absent a buy-sell agreement, the parties will likely spend significantly more money hiring an attorney on day one of negotiations alone, then they will in drafting a carefully crafted buy-sell agreement during the startup phase.

For more information regarding Buy-Sell Agreements, please e-mail an attorney at .We would be glad to discuss your options with you at not obligation.

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