Unanimous Shareholders' Agreement

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This is a preliminary Memo that I give to clients to focus discussion on the key aspects of a unanimous shareholders' agreement, aka "USA", "partnership agreement" (a misnomer) and "buy/sell agreement". I follow this with a face to face meeting, and then the tabling of a medium length USA. I urge my small business clients to adopt tried and true mechanisms and provisions to reduce costs and more importantly, to enhance interpretation and certainty, but of course, every situation requires plenty of creative thought and customization to make it fit well. I recommend that shareholders choose a time frame in which to get the USA done, otherwise the process can drag on for months, like doing a will or estate plan. If the USA is a good one, no one will look at it for years!

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Grant Buchan-Terrell | Attorney Advertising

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